Seasonal November ( 2 ), for Index followers.
WEEKLY line chart of the XJO,
The XJO is driven by 10 stocks that make up over 50% of weighting in the Index.
4 of the 10 have now gone Ex Dividend in the past 2 weeks leading to a decline of 16%.
Just as an observation, November 2011 the Index declined 21%, so far this year the Index has declined 16% from the March, April highs
with the Index now sitting at 5000 support with no catalyst for a rally, 4750 looks to be the downside target..
The point being, the Index is not the market, many smaller Industrials, healthcare and technology disruptors are continuing to trend higher.