Market Wave Trend Factors

The trend in stocks continues it’s topping process even as market capitalization index price levels moved closer to their February highs on low volume.

Wilshire 5000

Price Wave Trend

Volume Wave Trend

A broader look … S&P 500 Equal Weight Index

We know just 5 stocks have been driving a large percentage of the performance of the S&P 500 over the past two years.

To get a more in depth look at the performance of stocks, a look at the S&P 500 Equal Weight Index gives us a more comprehensive aggregate perspective.

We can see from the three following charts that stocks are:

  • 6.4% from a complete retracement of their losses from Feb through March
  • Still reflecting a bearish wave trend combined with volume trend that has yet to turn bullish

Prices

Price Wave Trend

Volume Wave Trend

Overall Outlook

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Long-term Secular – Bearish

Chief rationale: Wave pattern & volume, deflationary concerns

Current Secular Cycle

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