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Technical Analysis: Power Tools for Active Investors by Gerald Appel

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The Evolution of Phases Within the Moving Average Trading Channel

A Classic Topping Formation to End a Major Bull Market

Of course, many signs of incipient danger emerged as the speculative bull market of the 1990s drew to an end during 1999 and 2000. We have reviewed breadth failures that took place during this period. Fundamental valuations indicated gross overpricing of stocks based upon dividend payout, earnings, and book value relationships to stock prices. Investors, both amateur and professional, had become highly speculative, with interest centering largely on technology and Internet issues. Many, if not most, students of the stock market recognized the excesses of the day, but many were afraid to leave the party too soon.

Moving average ...

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