Global Dow Not at New Highs This Week

Actually, the title might be off a bit, since the GDOW made new highs around 12AM Monday, but then reversed sharply. But I'll stick with it anyway.

On a longer timeframe, SPY is at four year highs while

• ADRA @ 27.24 < Feb 2011 High @ 29.70
• VGK  @ 50.07 < May 2011 High @ 56.69

On Fr Feb 8 SPY gapped up a bit  and then spent the rest of the day consolidating in a tight range, closing at 151.80, eight cents off its new high; Friday was actually a NR7 day. So more oozing up.

On the following 30 minute GDOW chart you can see that SPY is doing all the heavy lifting, with Europe/VGK weak. ADRA hit a 50-Day high on Fri, but had a daily shooting star at the close of trading. The arrows show the Europe and US openings, while Asia starts after the chart gaps. You might want to be cautious into next week until things start breaking above the HML of Andrews Pitchfork; see also

Canaries in the Coal Mine Suggest Near Term Caution
BY CHRIS PUPLAVA   02/08/2013