Update: Are We Near a Stock Market Top?

12/21

I spoke too soon. The Dow Utilities gapped below key resistance at it’s 200 day moving average. This is a significant divergence from the rest of the markets and could spell trouble ahead. The Utilities topped in mid-November.

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Are We Near a Stock Market Top?

Now I’m going to discuss a topic which I normally don’t, but now I think it’s the time. Following the markets and looking at charts have long been a hobby of mine. Note: if you are not familiar with technical analysis, then you may have difficulty understanding my article.

Stock indices appear to be going parabolic. Housing prices in some parts of the country (notable the Northeast and West coast) have exceeded their 2007 highs. The mania is back. With the Dow Jones Industrials closing in on 25,000, now may be time to ask whether the market has gone too far. Just over eight years ago the Dow Jones was under 7,000 and felt like no end in sight. Today we have the exact opposite situation.

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