While the two indices have a correlation near one over the long term, the technicals for the Dow and the S&P 500 currently look quite different. As shown in the two charts below, the Dow recently managed to break above resistance to trade to a new bull market high, while the S&P 500 didn't make it above resistance. The Dow also successfully tested and held its 50-day moving average today, while the S&P 500 broke below its 50-day two days ago and hasn't closed above it since.
For technicians that base their market view on the action of the Dow, things still look fine and dandy. For S&P 500 technicians, the bull looks to be on shaky legs.
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