1) DJIA makes a new intra day all-time high unconfirmed by the other main US stock indices.
2) At about the same time the DJIA was making a new high the NDX made a new decline low. Incredible!
Up until June NDX was leading the way up in the bull market. Now its leading the way down in a new bear market.
In bear markets you want to short weakness - short the NDX!
The DJIA intraday pattern from the recent bottom is very clear and appears to be in the latter part of a developing
five wave structure.
7/5/17 at 2:00 PM - ET the FOMC minutes are released.
It looks like the DJIA could rally and make a new high into the FOMC minutes.
If this happens Short NDX!
Move to new low on 7/3 was confirmed by NDX Bullish Percentage ($BPNDX ) which closed at 65, also a new low for this current move down.
I am noticing that NDX decline's are picking up in intensity at the end of each trading day, and closing near the lows of the day
which a tell tale sign of a STRONG continuing bear market move down !
Major NDX Weekly Support this week is at 5510, and if broken 5410, and then down to 5170
It will take a NDX Weekly Close above 5725 to reverse the current decline, and for any meaningful bottom to be been put in.
Extreme caution in NDX continues to be recommended.
Thanks for the comment.
The SPX is likely to move up as a lesser degree than the DJIA.