Peak Performance

Until it ends
There is no end
--Cyndi Lauper

Jason Goepfert plots every instance that the Dow has closed at a 52 week high with less than 50% of NYSE stocks above their 200 day moving average. Stated differently, the graph shows the instances where the DJIA marked new highs while the broad market was in a bear market.

Here is every time in the past 25 years when the Dow closed at a 52-week high while most of the NYSE was in a bear market. pic.twitter.com/CZNWhZhq30

— SentimenTrader (@sentimentrader) October 3, 2018

Not a timing mechanism to be sure (see 1999 runup), but the data suggest we're closing in on a major peak.

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