To: Bill F. who wrote (31426 ) 4/8/1999 12:13:00 AM From: John Pitera Read Replies (2) | Respond to of 86076
Bill, Today was the 30th day of the 30 market day turning point pattern and the market accommodated the pattern by seeing most indices move to recent highs and some indices like the Dow and the S&P move to all time highs both intra-day and on a closing basis. We should allow at least plus or minus one market day, especially because we also within one to two days of the Bradley Pattern high for the year and within one day of a Martin Armstrong cycle date. Market breath-- Let's start with the Dow. Almost everyone knows that the Dow closed comfortably above 10,000 today, and easily made a new all time high on both the closing and intra-day basis. OK. Guess how many Dow stocks made new all time closing highs today? Amazingly, two. As for the broad market, we know it is an old story, but with the same kind of day after day negative divergence, a divergence of this magnitude has taken place only once before in the history of data going back to 1926 and that was 1929. This is very much like the period after the week from around June of 1929, through the final high in September, the breadth kept diverging equally as dramatically as it is doing now. all in the 1930s, the 1940s, the 1950s, the 1960s, the 1970s, the 1980s, or the early to mid 1990s. It did happen in 1929, starting on June 21 of 1929. It happened in late June, mid to late August, and early September at the final high on September 3 for the Dow. From the first such occurrence in 1929 to the final top, was 74 calendar days. The first occurrence in this time period was on December 21, 1998 and if you add 74 days to that date, it brings you to March 5. We are now one month beyond that point, telling us that the almost unprecedented breadth divergence has now lasted longer than it did in 1929. -ng-