Although the S&Ps made new all-time highs last week, the Dow did not. Wyckoff talked extensively about comparative strength and comparative weakness. When related markets fail to make new highs together, you need to sit up and take notice. We saw this in January when the Nasdaq made new highs, but the S&Ps and Dow did not (see A on the chart). This comparative weakness in leading stocks lead the recent reaction. We have a similar situation today, only more obvious. Time to sit up, take notice and be wary. Very wary. Watch the Naz carefully. A close below support will not be constructive.
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