It's been a long time since we've needed the Multi-Chart as the Multi-Chart is most useful when you are trying to put into context how far your market has fallend compared to other G8s. As you can see, the Vomiting Cobra pattern is consistent across the World and has not ended well in China, where we've fully reversed 6 months' worth of gains already.
![Weakening Wednesday – Running into Walls of Worry INDU DAILY](https://m5.paperblog.com/i/78/788691/weakening-wednesday-running-into-walls-of-wor-L-SB3dbs.jpeg)
Now we need to see the Dow get back over that 200 dma (15,475) and, if that begins to look like overhead resistance, we need to grab some more shorts. That's another reason we like our Multi-Chart – it shows us who the lagging index is on the way down and they, then, become our favorite to short!
![Weakening Wednesday – Running into Walls of Worry .NDX WEEKLY](https://m5.paperblog.com/i/78/788691/weakening-wednesday-running-into-walls-of-wor-L-M4JvOc.jpeg)
As you can see from Dave Fry's NDX chart, the MACD is still stretched, to say the least and the RSI already spells DOOM!!! and it's quite a long way down to the next proper support, 50 points lower at 3,420. NDX at 3,470 is 86% of the Composite's 4,031 and .84 x 70 just so happens to be…
You must login to see all of Phil's posts. To read the rest of this article now, along with Phil's live intra-day comments, live trading ideas, Phil's market calls, additional member comments, and other members-only features - Subscribe to Phil's Stock World by clicking here.
To signup for a free trial membership, click here.