Maybe they will be, but the charts do not show that yet.
I prefer to use the Russell 2000 when determining such things, because the other indices are too narrow and subject to single sector vagaries and manipulation. This is especially true of the Dow Industrials and the NDX.
So far what we have seen is about a 50% retracement of the most recent rally leg.
One might also make the case that stocks have entered a trading range after the V bottom formed after the financial crisis.
But they could break down further from here. Let's see what happens.
