Multi-decade triple top points to decline in US equities
Add BT as a preferred sourceWITH the major US equity indices such as Dow Jones Industrial Average (DJIA), S&P 500 and Nasdaq 100, breaking record highs, one would expect the broader market to be performing similarly well.
However, looking beneath the surface with the Value Line Geometric Index (VLG), a very different story emerged. We found the market is structurally weak. VLG is a better gauge of the health of all the stocks rather than just the large caps.
VLG is derived from an equally weighted index of 1,675 companies from the Amex, NYSE, Nasdaq and OTC market. On the other hand, the DJIA, S&P 500 and Nasdaq 100 are market weighted indices where the big boys dictate the performance.
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