By Kevin Depew, Minyanville

As September draws to a close It looks like the Dow Jones Industrial Average will register a DeMark TD-Sequential sell signal on the monthly chart after having recorded an intra-day record high today of 11,741.99. Interestingly, that TD-Sequential monthly sell signal may come just in time for a record high next week.

TD-Sequential is just one among Tom DeMark's many price exhaustion techniques. It is not a trading system and a TD-Sequential 13 "sell" signal does not mean the market must decline from here, but is simply that the current price action is showing signs of exhaustion and the conditions are right for a possible price reversal.

When was the last time the Dow Jones Industrial Average recorded a TD-Sequential sell signal on the monthly chart? For that we have to go back to December. December 1999 that is.

Dow Jones Industrial Average (monthly) Thomson Financial.

The record level of 11,722.98 was set less than two weeks later in January 2000.

Meanwhile, let's take look at the individual Dow components:

• 3M (MMM) has registered three monthly TD-Sequential sell signals since January 2004 and is still 17% away from its high.
  
  Alcoa (AA) is still nearly 40% away from its high set in 2001
  
  Altria (MO) recorded a TD-Sequential monthly sell signal in July.
  
  AIG (AIG) recorded a daily TD-Sequential sell signal this week.
  
  AT&T (T) remains 45% away from its high set in 1999.
  
  Boeing (BA) is still about 10% away from its high set earlier this year
  
  Cat (CAT) is still almost 20% below its all-time high recorded earlier this year.
  
  Citi (C) recorded its all-time high back in 2000 and is still almost 9% below it.
  
  Coca-Cola (KO) recorded a TD-Sequential sell signal earlier this week and is down nearly 50% from its 1998 high.
  
  Disney (DIS) has mutliple TD-Seq. daily sell signals and a weekly sell signal possible this week.
  
  DuPont (DD) still nearly 50% away from its 1998 peak.
  
  Exxon (XOM) recorded its high in August.
  
  GE (GE) down about 40% from its 2000 high.
  
  GM (GM) down about 65% from its 2000 high.
  
  H-P (HPQ) recorded a daily TD-Seq. sell on Sep. 13.
  
  Home Depot (HD) down nearly 50% from its high in 2000 - housing boom and all.
  
  Honeywell (HON) down 40% from its all-time high in 1999.
  
  IBM (IBM) down about 40% from its 1999 all-time high.
  
  Intel (INTC) recording a TD-Seq. sell signal on the daily chart today; down about 70% from its 2000 peak.
  
  Johnson & Johnson (JNJ) recorded a high in 2005, down about 7%.
  
  JP Morgan (JPM) down nearly 30% from its 2000 peak.
  
  McDonald's (MCD) still about 20% below 1999 peak.
  
  Merck (MRK) still 50% below 2000 peak.
  
  Microsoft (MSFT) 50% below 1999 peak.
  
  Pfizer (PFE) still about 40% below 1999 all-time high.
  
  United Technologies (UTX) weekly and monthly TD-Seq. sell signals in place; recorded all-time high back in May.
  
  Verizon (VZ) still down nearly 50% from 1999 record high.
  
  Wal-Mart (WMT) down almost 30% from 1999 peak.

Wait, that's only 28.

Oh yeah. The other two stocks, American Express (AXP) and Proctor & Gamble (PG) were the only two stocks in the Dow to record record highs along with the index's intra-day record.

But then, I suppose I'm a pessimist.

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