Today, the DJIA closed at a multi-year high. But more importantly, neither the SP500, Nasdaq 100 or the Russell 2000 closed at a new high along with the DJIA. This non-confirmation reinforce the Dow Theory non-confirmation between the DJT and the DJIA. If today's closing high does not turn out to be the top for this uptrend, then this will at least serve as a signal to the market participants that the internal market has topped out and longs beware.
The following chart of the closing prices for the DJIA, DJTA, SP500, and the Nasdaq 100 shows the non-confirmation.
Until the DJIA closing high is confirmed by other indices, I would rather be "out of the market and wishing I am in" instead of "trapped in the market wishing I am out". I have scaled out most of my longs before today's close. For now, I will move to the sideline and watch patiently.
