NEW YORK (TheStreet) -- Here we go again trying to confirm recent market highs as cycle highs. All five of the major equity averages must have negative weekly chart profiles simultaneously. That won't happen this week as the weekly charts for the Nasdaq Composite and Russell 2000 remain positive but overbought.
The weekly charts attempted to time the May highs as cycle highs, but all five of the major equity averages didn't shift to negative.
Similarly, we tried to confirm the early August highs as cycle highs, but again all five major averages didn't shift to negative, preventing this confirmation.
Today the only major average that could have a negative weekly chart is the Dow Jones Industrial Average given a close today below its five-week modified moving average at 15,182.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV