we are right at the top of that NDX rising channel (i previously mentioned that prices would need to move significantly above the top of that channel to negate the bearish scenario). also, as you can see on the chart below, the NDX made a new intermediate high today while the NDX-E has not. in fact, the equal weighted NDX is still within it’s downtrend channel for now. something to keep an eye on of course, as the market can always change it’s mind and allow the 2nd & 3rd tier stocks to play catch-up with the beloved few. if that starts to happen, it will show a character change to the market so although one day doesn’t make a trend, i will watch to see how this market closes today and follows thru early next week.
