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.
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