The current brouhaha about "Death Crosses", "Head and Shoulder Tops" and "Dow Theory Sell Signals" is eerily reminiscent of the period a little over a year ago when the S&P 500 first crossed the 200 day moving average.

The S&P 500 first crossed its 200 day moving average, with the S&P 500 at around 920. It was all anybody could talk about. Initially the S&P 500 shot up to the 950 area before a stiff correction where the S&P 500 hit 870. At that point the talk was about a "Head and Shoulders" top. The market proceeded to zoom up and cross the 200 day moving average a second time. However, at that point nobody said a peep about it and the market didn't look back until now.

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