Get ready. We've got work to do here. Looking at a variety of perspectives, it's evident that we are squeezing through a historically important area. We're at 50% on the great sell-off of 2008.
Above is a condensed view of the S&P Weekly. Watch that FRO. Looks like a sell signal but anything can happen.
The 15,000 tick chart gave us a heads-up on this being a one-way day. Up.Up.Up.
The 60 Minute also kept us informed about the persistant uptrend today.
The view above and the view below really help us keep the market activity in perspective. All self explanatory. That December 31st plunge was a test for supply. A low volume move, looking to see if sellers would join in or buyers would show-up. So what happened?
The Daily chart below is still indicating more upside. I will go on record and make the call that 2010 will lead us to and through the all time highs of 2007. But I believe it will be a wild ride.
The FRO on the Monthly chart below is not giving us a great buy or sell signal. But the price formation is contradicting popular sentiment of the rally being at risk. We've closed above the upper trend line. This trend began to set-up over two years ago, in Sept of 2007. It doesn't mean we will go to the moon now but it is very important. The 1128 50% level is still a resistance level. When we breakthrough it and price comes back to find support above 1128 we have clear sailing to the all time high near 1600.
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