Market manoeuvres

S&P 500 (to 29 August 2002)

You will notice the marked difference between the Nasdaq 100 and the S&P 500. There was no bubble here, just a long durable bull run that has suffered some systemic shock and a decline in confidence, brought on by accounting techniques married to alleged fraudulent behaviour by some company directors.

When a market moves out of the bull channel (defined as the area between the two upward sloping lines), into the channel above, as is seen in the Nasdaq 100 chart, we

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