Here are two charts that I have found interesting from a Technical Analysis perspective. I believe they are helpful in understanding the current stock market situation.
I would like to reiterate my view that we are in a bear market rally, albeit subject to conditions I spoke of in my June 2 post.
Here is a weekly chart showing the S&P500 from 2007. As one can see, this view seems to indicate that resistance has become support:
(click on chart for larger image)(chart courtesy of StockCharts.com)
Here is a chart from Doug Short's website from a July 13 post. It shows the S&P500 from 2008, indicating a rising channel:
back to home
SPX at 1083.34 as this post is written