Tom DeMark says the stock market is nearing a top as he draws 1929 parallels

The stock market has been charging along for months.

Perhaps not for long. Tom DeMark, an award-winning technical analyst who has advised investors including Paul Tudor Jones, Leon Cooperman and Steven A. Cohen, says that a top is likely imminent.

DeMark focuses on trend exhaustion and his mantra is that markets top on good news and bottom on bad news. In particular he focuses on a string of 9 and 13 daily or weekly moves, which don’t have to be consecutive but do have to be better, or worse, than four sessions ago in the 9 model and two sessions ago in the 13 model. See DeMark’s analysis on his website Symbolik.

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