Way back in March 2000, the Nasdaq was leading, the Dow was lagging, the masses were fat and happy. Then it all imploded spectacularly. No one saw it coming...
Large cap tech has been making new highs non-stop. The Dow just carved out its third lower high, featuring another three wave retracement:
The tech divergence has reached a new extreme:
Two weeks ago, the S&P gapped up to one year overbought, rolled over and tagged the two year trendline. Today the S&P closed at the same level as two weeks ago, this time further overbought:
Oil made its fifth lower high today:
The crash ratio made a new low today, and new weekly highs - lows rolled over:
The Tech/Treasury ratio reached a new high this week:
Breaking through the March 2000 level, for the first time ever. The definition of insanity is doing the same thing over and over again, each time betting everything on a different result...
