Big test for equity markets

August 31, 2009 07:00 PM

While many analysts are excited regarding the recent strength in equity markets, market technician Garrett Jones believes we are near an important turning point. Jones points out that the rally has been led by the Nasdaq 100, which is butting up against a significant trendline (see chart). Jones noted in a recent market alert, “This may very well be the top of this rally. I do not believe this is a time to take risk lightly. The “C” wave that follows this rally top will be relentless.”

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