NYHL shows a significant market top now in place. The 295 reading is nose-bleed level. The red circles show significant market tops over the last half year. Note the July market high was identified with that obscene 400-ish number. Markets dropped, but recovered, placing the 200-ish number that marked the top in the broad indexes right before the August waterfall crash.
The green circles mark significant market bottoms such as the bounce off the August lows and the start of that uber bullish rally in October. Note that the chart also accurately forecasted the late November bottom that marks the rally to present day. Thus, a market top is in place now with the 295 reading. Note the blue lines showing negative divergence across all indicators. In addition, the stochastics are overbot so the markets are about to experience a smack down here at any time.
I hope that everyone had a chance to search their souls today concerning the holding of any long positions, as discussed in this mornings missive. The time is at hand for a market pull back, and it has potential to become quite serious, put your seat belt on. Projection is that a broad market sell off is at our door step and will occur at any time.
For NYHL chart use search box above for keystone speculator.
A chart of XLK, the technology sector, is also provided showing that the sector has now moved high enough to match the prints from 2001, eleven years ago!!