Saturday, November 7, 2015
MTU Weekend Ed. - Fourth Wave (11/6/15 close)
The new high in NDX (Chart 1) increases the likelihood that the sell-off in Q3 is part of a fourth wave (Chart 2). While the new high in NDX and the strong upside momentum in SP500 hints at new highs in SP500, the notable disparity along the market-cap dimension has persisted (Chart 3). It is likely that the proposed fourth wave is still incomplete.