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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Zeev Hed who wrote (44988)3/28/2002 5:26:15 PM
From: Justa Werkenstiff  Read Replies (3) of 99280
 
Zeev: Re: "Exactly pomp, a toping market might have advancing indices, but will more often than not have contraction of new highs."

New highs over new lows have expanded quite nicely the entire month of March into new high territory. Look at the 13 day ema dip and drive home to the end of month:

stockcharts.com[w,a]daclyyay[de][pc13!a160][vc60][iUb14!La12,26,9]&pref=G

Now look at all the past market tops. And you have to ask, why hasn't the Comp. made new highs in price up to this point to correspond with previous market tops as marked by this measure?

Look at the January new highs-lows of last year as it coincided with a market top then; look at the May highs-lows as they coincided with a top then; look at the January 2002 new highs as they coincided with a new top then in the market.

Here we are right here and now with new highs in that measure over and above January 2002, and at highs associated with previous market peaks, and yet there is no new high to be found in the Nasdaq at this point. And as this measure has trended higher all month as shown by the 13 day ema, the Nasdaq has diverged with the measure in price since the middle of the month and certainly when measured against the January 2002 top. In this context, it appears that this indicator is not working as it has in the past as it is not being confirmed by the tape. But I suppose you could get the mother of all rallies in early April to rectify things <g>. Nevertheless, the negative divergence is noteworthy at this point.
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