Since January 2000 almost all the major U.S. stock market peaks have occurred with only one of the three main U.S. stock indices making an all-time high. The three main indices are S&P 500 (SPX), Dow Jones Industrial Average (DJI), and Nasdaq Composite (IXIC). The only exception occurred at the February 2020 peak when both SPX and IXIC made tops on 02/19/20.
We need to watch for a solo main U.S. stock index peak in August 2026.
The daily SPX, DJI, and IXIC charts courtesy of Trading View illustrate their relationship since April 2026.
Since about July 2025 there have been several solo U.S. main stock indices peaks. All have signaled only minor tops.
The most recent solo signal occurred on 07/07/26 when the DJI made an all-time high unaccompanied by the SPX and IXIC.
This signal was invalidated on 08/04/26 when two of the main indices, SPX and DJI, made all-time highs. The IXIC has yet to exceed its 06/01/26 peak.
Side note, from April 2025 to June 2026 – IXIC had the strongest upside performance of the three main U.S. stock indices. The fact that IXIC is now lagging the other two main indices is potentially a very bearish signal for the broader U.S. stock market.
The 30 – mininue SPX, and DJI chart shows what’s been happening since they both made all-time highs on 08/05/26.
SPX is in the lead to new highs having retrace just above a Fibonacci .618 retracement of the most recent decline. DJI has yet to reach a .382 retrace of its recent drop.
If next week two of the main U.S. stock indices make new all-time highs, it’s a bullish signal.
If next week or beyond, all three main indices decline its likely to be just a minor pull back in an ongoing bull market. The SPX and DJI highs on 08/05/26 would continue to be a bullish signal.
If next week only one of the three main U.S. stock indices makes a new high, it’s a bearish signal.
Four Dimension Trading 