The Chart du Jour
After anticipating for sometime on these pages a move in the Nasdaq to the high 2000's (fulfilled), a move in the Dow Jones to 9100 (unfulfilled), and a move in the S&P 500 to 1209 (unfulfilled), we look today at the rhythm of the far broader New York Stock Exchange Index (NYA) basis its June futures for another perspective.
As readers of these pages know, we put much stock in a market having a completed "Fibonacci rhythm" whereby the retracement lines drawn between a significant low and a significant high "fit" the intervening ebbs and flows of the price action. Upon occasion, spikes and overshoots may occur (a la the final highs in Cisco and Intel), but in general, once a Fibonacci rhythm looks complete one can have more confidence that a reversal will shortly be at hand.
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