This chart shows how the three major US indices have performed since the current bull run in stocks began in March of 2009; the Nasdaq is in blue, the S&P in red, and the Dow in black.
Clearly the Nasdaq has been the leader of the pack for the duration of the rally while the Dow has been the laggard. While short term is does appear stocks are overbought, an outright bear market in my mind would have to be confirmed by the Nasdaq falling down to converge with the performance of the other two indices.
You can see that during the bigger dips in this time period the S&P's performance fell to mimic the Dow's with the Nasdaq almost converging as well. This is something that will be interesting to watch in the coming weeks and months.
Clearly the Nasdaq has been the leader of the pack for the duration of the rally while the Dow has been the laggard. While short term is does appear stocks are overbought, an outright bear market in my mind would have to be confirmed by the Nasdaq falling down to converge with the performance of the other two indices.
You can see that during the bigger dips in this time period the S&P's performance fell to mimic the Dow's with the Nasdaq almost converging as well. This is something that will be interesting to watch in the coming weeks and months.