While there are slightly different constructions of it, and there is disagreement on what thresholds should be used to trigger an alert, Refinitiv notes that a more stringent construction of the indicator shows a signal popped up Tuesday on the Nasdaq. The last signal developed 12 trading days ahead of the Nasdaq's Feb. 19, 2020 top and what would then prove to be a 33% swoon in the tech-laden index into its March trough. {chart} And while Nasdaq Composite triggered the ominous sounding warning, As Tom McClellan notes, the broadest equity index, NYSE Composite, came very close: " The other conditions being met, it ... (full story)