Nothing bearish at the moment, that's for sure. Yes it could be a Dow Theory non-confirmation. Yeah the Dow is archaic. Yeah the Dow is flawed.
But a major, if not *THE MOST VISIBLE AND WIDELY FOLLOWED* stock index on the planet just made a new high. It is an economy wide index. Like it or not. And that is a big deal.
And sectors can top early. I don't necessarily expect Financials, or Health Care, or Energy to end their P2's at the same time as the rest of the economy. But I do stand by the statement that *economy wide indices move together and the **best** count is the one that works on all five* (SPX, INDU, COMPQ, NDX, and RUT). These 5 indices have components across the economy and I *DO* expect P2 to end at the same time for these.
And by definition P2 is not done for the Dow, as it made a higher high.
So I am really looking at the big count. Here is an idea that I have, and am sharing. This is nothing I am trading yet. Just observations based on confirmations and non-confirmations among the 5 major indices.
Addition 5:54 - What this option would look like on the Daily Chart