Prices recovered today, ending the three day down streak. But considering the daily changes of the S&P500, note the three different highs in the last 53 days. The first was on January 15; then prices retreated, achieving a newer high on March 7; similarly, prices declined again, reaching their latest top last Friday, April 2.
We compare these price changes with the daily changes that occurred 45 days before the last Bull Market topped out in October 2007.
Our diagram shows the daily closes as a proportion of the highest prices. It reveals a significant parallel in these ups and downs. They are substantial, which raises the question: has this market topped out?
DJIA .06 percent
NASDAQ .81 percent
S&P500 .38 percent
