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Wednesday, November 07, 2012

Bearish Trendline Breaks on the Major Indices

Each candle on the charts below represents a period of three (3) days. The current candle closed today (Wednesday). I wanted to look at this timeframe on the assumption that the two-day rally (which began on Monday this week) was simply a pre-election dead-cat bounce, and to see how much lower today's close was compared to Friday's close. Here are the figures for each of the Major Indices.

S&P 100 Index
  • Friday's close = 646.88
  • Today's close = 636.27
  • Today's close dropped 10.61 points from Friday's close

Dow 30 Index
  • Friday's close = 13093.16
  • Today's close = 12932.73
  • Today's close dropped 160.43 points from Friday's close
S&P 500 Index
  • Friday's close = 1414.20
  • Today's close = 1394.53
  • Today's close dropped 19.67 points from Friday's close
Nasdaq 100 Index
  • Friday's close = 2656.28
  • Today's close = 2612.69
  • Today's close dropped 43.59 points from Friday's close
Russell 2000 Index
  • Friday's close = 814.37
  • Today's close = 804.52
  • Today's close dropped 9.85 points from Friday's close
Dow Utilities Index
  • Friday's close = 469.78
  • Today's close = 452.30
  • Today's close dropped 17.48 points from Friday's close
Dow Transportation Index
  • Friday's close = 5110.17
  • Today's close = 5103.52
  • Today's close dropped 6.65 points from Friday's close
Furthermore, on this timeframe, you can see that the following indices have broken and closed below their uptrend which began in October 2011 (August 2011 for the Dow Utilities Index):
  • S&P 100
  • Dow 30
  • Nasdaq 100
  • Russell 2000
  • Dow Utilities
  • Dow Transportation
The only index that has not yet broken and closed below its uptrend is the S&P 500 Index...the one to watch for further weakness as the others deal with their bearish trendline breaks, which signal more weakness ahead.