Blah, blah, blah… Using the wonderful Fibonacci tool, I decided to see what the three major indices were trying to tell us. Obviously, they do know how to communicate well because we still see no clear direction.
Below are charts of the big three: Nasdaq, S&P, and Dow:
Dow
Nasdaq
S&P
While the Nasdaq and S&P are somewhat at a point of possible rebound, the Dow is clearly still in that trading range. I’ll obviously be keeping a close eye on these.
More on this topic
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Economist Gary Shilling: S&P 500 will drop 43% this year?
(Value Investing, 4/11/12)
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(Wall Street Daily, 5/10/12)
Stocks Have You Worried? Here's What You Do
(Money Morning, 5/14/12)