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Monday, October 4, 2010
So you want to be a bull?
Just for all those bears that have recently turned bullish, or were thinking about it, the SPX weekly chart is showing that things might not be so rosy after all. In reality the majority of the indicators are going bearish. The RSI has now rolled over and with-out being able to make a higher high has created another down channel VERY similar to the one from the sell-off that started back in '08 when the SPX was at its peak, notice how all the red arrows line directly up with all the very important tops. Besides the RSI, the STO has peaked, and rolled over along with the 5/35 histogram and both are now trending down. The only difference between '08 sell-off and now, all the major weekly moving averages are now in perfect bearish alignment.