Let me be blunt, topping processes do take more time than bottoms actually. While bottoms can happen in a spike or so, tops usually don't. The reason is people tend to pertain on hope, so while there is still hope from the intervenients there is a struggle in the prices.
What I see in most indexes is actually topping patterns. Let's make a quick summary of the world's indexes.
Pretty much all indexes remain lower than their highs from October. This stands true for ALL indexes except for S&P, Nasdaq and Dow Jones Industrials. Every other index is making lower highs and lower lows now.
The curious thing is, the index that carried both S&P and NQ to new highs was the DJI. Remember in October when we had that strong sell off, and the DJI was able to maintain strong during the drop? Well now, the DJI is way higher than it's high in October while both SP and NQ are pretty much in tandem with that October high. Curious thing is while DJI was making highs after highs, 75% of the 30 components that make up the Dow Jones Industrials are (guess what?) still below their October highs ! Can we say big big divergence? You can figure it out why this is the case... the Dow calculation is something utterly stupid (the companies that have more weight in the index are the ones that have higher share prices instead of their total value...go figure).
Cheers
P.S.: Don't forget to have a look at http://friendly-traders.blogspot.com/ ... there's a nice database of programs there :-)
