If you want to know what's going on in the markets, just look in the mirror. In one moment, investors are bullish and the next moment, very bearish. It just shows you the skittish nature of the market that we are in.
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Despite last week's wild gyrations, the markets closed lower for the week. This is the big picture you really want to watch and pay attention to. Looking at the S&P 500, as it represents a broad swath of the markets, this index closed out last week at 1,982.85, down 1.3% for the week. This was the lowest close in this index in over six weeks, not exactly a stellar picture. Again, when you look at the bigger picture, a clearer picture emerges of what's going on.
The same dismal story can be applied to the NASDAQ that closed down 1.44% for the week, closing at 4,513.44. Last week's close represents the lowest close for this index in six weeks, again not a good sign.
The Dow also closed lower for the week but still managed to have its third-highest weekly close in history. This morning the DOW gave its first serious indication that things are beginning to come apart as it joined the same picture as both the NASDAQ and the S&P 500. A weekly Trade Triangle flashed a exit and sideline position for this index. Now, just like the S&P 500 and the NASDAQ, the DOW is indicating that you should be out of market at the present time and on the sidelines.
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