Hey Guys

I reviewed 6 market tops as provided in the HTMMIS (green cover pg 214-216) that had a total of 7 stall days in analysis of market tops and DD count.  The book definition lacks technical clarity.  Four of these were from the DJI index and the remaining 3 from the NASDAQ.  The analysis of price and volume characteristics are as follows :

Index      Date     Price Change From Prior Day    Vol Above 50 DMA Vol   Vol Above Prior Day

DJI          1/1984                0.2%                                             Yes                                  Yes

DJI           9/1987               0.1%                                             Yes                                     No

DJI           7/1990 #1          0.4%                                            Yes                                    Yes

DJI           7/1990 #2          0.0%                                             Yes                                     No

Nasdaq  3/2000 #1          0.0%                                              Yes                                    No

Nasdaq 3/2000 #2           0.5%                                              No                                     No

Nasdaq   9/2000              0.5%                                               Yes                                   Yes

It appears that a guideline of 0.0-0.5% price increase with volume above the 50 DMA volume line during a market uptrend may provide a better guideline than "heavy volume without further price progress up."  In only one case, (NASDAQ 3/2000 second stall day) would this not work.  The impact on the identification of the market top is shown above in the chart for that case.  If anyone else has additional historical data on stall days to add to this somewhat skimpy data set to help us on a better definition, that would be great.  Any other suggestions to improve on this are welcome...I offer this as a starting pt for our team discussion and hopefully save us some money in the future.  Also, I wanted to try to give back to you guys who have helped me out too.  

Larry