Despite new highs, the price wave pattern of stocks continues a topping process

The wave pattern of stocks crested June 10 last year while volume crested February 12.

Wave = 5 DMA – 35 DMA

We are well aware that mood and sentiment play a role in the pattern of aggregate stock prices.

On June 9, the front page B1 of the NY Times business section reads: “Despite Recession, Stock Markets Turn Positive for the Year.”

On February 12, the front page A1 NY Times headline: “House Managers Rest Their Case Against Trump, but Most Republicans Are Not Swayed.”