2008 Price Analog Put to Bed
In the past few issues, I discussed a widely followed price analog to 2008. Countless times, I have pounded the table that 2016 is ABSOLUTELY NOT 2008. Price was just following that path, but I expected the analog to break down much sooner than later. Over the past few weeks, it certainly has as you can see below. The January decline in 2016 mirrored that of 2008, almost to the day, as did the rally out of the January low. That’s where it ended. The S&P 500 saw new marginal new lows in 2016 only a few weeks after the the first low, but now is seeing its highest level since early January.
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