Revisiting the High End

If you have been following along with my analysis on Sotheby’s vis-à-vis prior broad market peaks going back several decades, note the updated monthly chart, below.

You can see that price has continued pulling in and has, in effect, been in a downtrend since the beginning of 2014.

If you believe in this “tell,” then more downside for the broad market is the risk. Also note the room to drop to the 20-period monthly moving average, a first logical support area.

______________________________________________________