Market Top in October? 2007 vs 2024

Will we see a major market top during the month of October? Host David Keller, CMT breaks down three market breadth indicators and compares their current configuration to what we observed at the 2007 market top. Let's go through the charts and review market topping conditions from a breadth perspective using the McClellan Oscillator, Stocks Above the 50-day Moving Average, and New 52-week Highs and Lows.

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00:00 - Welcome to the Show
02:25 - S&P 500 Large Cap Index ($SPX)
05:25 - NYSE Common Stock Only Advance-Decline Line (!ADLINENYC)
08:15 - McClellan Oscillator
10:34 - SPX and NYC New High/Low
13:09 - SPX - 200 day and 50 day
18:43 - History Lesson: 2007 Market Top Comparison

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❗️DISCLAIMER
Past performance is not indicative of future results. Neither the Show Participants
Strategies or investments discussed may fluctuate in price or value.

Investments or strategies mentioned in this show may not be suitable for you and
you should make your own independent decision regarding them. This material
does not take into account your particular investment objectives, financial situation
or needs and is not intended as recommendations appropriate for you.

You should strongly consider seeking advice from your own investment advisor

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[StockChartsTV]

👀 See what better financial charting can do for you!
👍🏻 If you enjoyed this video be sure to hit the THUMBS UP

[peterlarsen]

Great to see you back Dave! Best TA analysis on youtube or anywhere else.

[maxmenius]

More great insights. Really like that chart depicting how many stocks have made new highs vs. new lows. And that declining trend is informative.

[jean-marcducommun]

First of all Dave glad to see you back with the show on StockChartsTV! - I'm not digging as deep as you do in the breath numbers and charts for the following reason: Lately we had and still have a bifurcated market where a couple of stocks were able to drive the whole market up. What I tend to do a lot is to observe the different market segments in particular the offensive vs. the defensives and by comparing SPX with QQQ, IWM and most important RSP among others. My current conclusion is that the magnificent 7 with only a few exceptions (META) start to worry me (MSFT, GOOG, AMZN closing in) while noting a relative underperformance of the QQQ for some time now. This is complemented with an RSP index that has difficulties to properly move up (wedge?) and expand. All in all I'm somewhat worried too but as you did show we need more evidence that things start to fall apart.

[fastbusiness]

Good to see that you're back, Dave.

[dnotso]

Dave, totally agree the market is showing some significant signals of getting weaker. Also, on your SPY chart, you've added an upper trend line on the price (rightly so) but I think you might want to consider "updating" the trend line on the RSI. SPY made new high on weaker RSI over a month or two. Not a good signal, as you've taught me....
Thanx for all you do !

[francine_as]

Perfect! I from Brazil and i love this !

[barrywatt]

Wow! Privileged to see the man himself. Great help as usual -- thanks, Dave!

[flyby]

As always, great insight from a well respected technician. Thanks for the consistently great information!!!

[Bearnobull]

Excellent analysis! Time will tell but I keep thinking about $35 trillion and growing. Many are counting on more spending to keep pushing markets higher. We have never been in this situation before with this much debt. Yes WWII was bad but we had to rebuild the world which helped get us out of that. The world is deep in debt. I want to se how this plays out.

[BottomTick]

Dave, what symbols are you using for the S&P Large cap, Mid cap and Small cap advance/decline lines?

[rtg]

Today's market was a clear response to the Seahawks embarrassing loss. Thursday night vs the 49ers is a must win to save the market.

[titusrider]

What's that famous phrase: History may not repeat exactly but it surely rhymes 😊

[detailone]

Yes, the market will make a low in October and this is when you want to heavily invest because it will continue to make new highs again especially during this seasonality of buy in October and go away in May! Thanks Dave.

[ArkOmen]

Can someone PLEASE tell me why META is priced the way it is? Are people finally buying headsets? Is the Metaverse and Metaverse applications finally taking off? Please let me know, not kidding!