NEW YORK ( TheStreet) -- The stock market has been under the cloud of a ValuEngine valuation warning since the major equity averages set new all time highs or multi-year highs in the May 20/May 22 window.Since these highs could not be confirmed by negative weekly chart profiles, a new set of highs were set in early August. Again these highs could not be confirmed by all five weekly charts of the major equity averages. New highs followed again between Sept. 18 to Sept. 25 and so far positive weekly charts for the Nasdaq and Russell 2000 have prevented these highs from being confirmed as the fourth quarter begins.
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