Some charts show stocks and ETF's nearly 50% above their 200 WMA's - basically in the stratosphere with no support whatsoever. Other charts show markets trapped below descending 200 WMA's with no hope of getting back above them.
Again, it is my belief that the equity markets topped last year right around the time of the Bin Laden raid. The higher highs evident on many charts are simply overextended corrections.
The negative weekly closing prices that printed yesterday mark the completion of the dome top corrections that have been forming over the past year. I fully expect the markets to trade sharply lower from here, in the process doing great damage to Obama's re-election odds.
And now for the charts...
NYSE COMPOSITE
