Zeev's Turnips Patch-No Politics (ZEEV)

[westpacific]

Transports have done a 78% retracement, key is 3400 level. (Note the parabolic move just in the past 3 months here!!! 600 points in the face of high oil!).

SPX was 65 points from a 61% retracement.

Utilities are at 68% retracement and showing a blowoff like formation.

No one talking Dow Theory of late, so thought time to look at the data. And the data is screaming top is at hand.

All I can say is upside is extremely limited. If we are wrong about the bear coming back, then the Utilities and Transports must continue to move higher from levels that should mark tops.