Dow Jones Industrial Average: Overextended And Overloved

 | Nov 04, 2013 12:06AM ET

Dow Jones Industrial Average climbs as investors love U.S. stocks

The Dow Jones Industrial Average (DIA) gained 0.3% for the week while the SP500 (SPY) gained 0.1%. The Nasdaq (QQQ) dropped 0.5% as Apple (AAPL) lost 1.1% for the week. The Russell 2000 (IWM) fell 2.1%.

Big name stocks like Apple, (AAPL) Amazon (AMZN) and Tesla (TSLA) all fell from the previous Friday’s close.

On My Stock Market Radar

So the current situation is that the major indexes have put in recent tops and then failed at breaking above them. Furthermore, the Russell 2000 (IWM) and Nasdaq (QQQ) are generally market leaders and now start to show weakness. The Dow Jones Industrial Average (DIA) remains on a point and figure “sell” signal and has put in an all too obvious double top formation.