Yesterday the Nasdaq 100 Index made another high at this bull market cycle (which started in March 2009 - yes, it has been nearly five year old bull!). But looking at the advancing and declining issues this high does not look impressive at all:
source: Simple Digressions
As the table shows, although we have seen the new high, the number of the advancing issues is still lower than at the previous two peaks (the same with the difference between new high and new low). The only impressive thing is a volume, which is quite high.
Now, let us look at the chart showing the developing Nasdaq 100's top in 2007:
source: www.stockcharts.com
And then this same index in 2014:
source: www.stockcharts.com
Well, as for me, some similarities are noticeable. I am very curious what the on-coming sessions show - with the main question being "Is is a developing top ?".
And the last - below is the chart of NYSE Bullish Precentage - presently it is not reacting to the rally in U.S. stocks. Simply put - the rally is not supported by the optimism (as previously). This is not a good sign for the bulls.
source: Investor Intelligence and Simple Digressions
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