Yesterday we saw another new all-time high for the DJI index and once Again the S&P 500 index did not confirm the top. We have now seen four new all-time high days in the DJI, which has not been confirmed by the S&P 500. Non Confirmation is an old but quite reliable signal.
However, trusting this signal alone is not advisable, therefore I would like to see a break below the ending diagonal support-line near 16,915 and more importantly a break below support at 16,805.38 in the DJI as Confirmation, that a top is in place here.
For the S&P 500 index I would like to see a break below support at 1,952.86 and more importantly a break below support 1,944.69, which will indicate that a top is in place.
Once the tops are confirmed, that should terminate the rallies from March 2009 and we should be looking for major declines.
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