Friday’s decline has got a lot of commentators asserting that the official top is in for the rally that started March 2009. The primary reason for these assertions is that stocks look to have broken the rising channel they entered during this last leg up.
Stocks traded in a parallel range from early November to mid-December. They then began another leg up trading within a rising parallel range. Friday’s sharp down day looks to have broken this range decisively.
Full article at: Market Decline