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Buzz & Banter

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Major price reversals tend to be pretty important things for a host of obvious (bearish) reasons.

Looking at the daily candlestick SPX chart over the past two months and I see three reversals (candlestick guys call them gravestones): (1) on 6/6/03, range: 986 to 1007; (2) on 7/14/03, range: 998 to 1015 (year high); (3) today, range: 987 to 1005.

Couple this with the unconfirmed (so far) new high in the Dow and the failure of the SPX and NDX to follow suit, and you have the makings of a negative divergence along with this important reversal.

They say the stock market exhibits symmetry but this is remarkable. Let's see what happens tomorrow.

Position in the NDX

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