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Long term Russell and Nasdaq charts
Posted By Mike On Mar 2, 2010 @ 1:33 pm In charts, technicals | 2 Comments
These two have the furthest to fall, and are really still in the process of making an historic secular bull market top.
The Russell looks like it’s forming a giant head and shoulders:
Prophet.net
See those RSI trends on the bottom? This is a market that’s running out of steam. We know from mutual fund reports that managers are already “all in” again as of January, and as Richard Russell says, it takes buying to put stocks up, but they can fall under their own weight.
And the NASDAQ 100 is back at 1999 or 2007 levels! These indexes, like Chinese and Indian stocks, show that the world still has an astounding appetite for risk in the face of depressionary business conditions. It was one thing to pay 100 times earnings when the credit expansion was still going and almost nobody knew how the story ended, but now that it is plainly over, what are people thinking?
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Russell 2000 yield: 1.2%
Nasdaq 100 yield: 0.49%
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