Roger,
There are signs that a "base" of some sort is forming. The question at the present is it a "running top" base or a "running bottom" base.
Only time will tell for sure, but IMO it is looking more like a bottom build for a IT run up.
It will have wild swings, "dead cat bounces" but I think the bias will be upward. You might get your 1000PT on the DOW. I'm thinking we get to 1005, test back 920-930 breakout, then we might get "T's" 1050ish. Then the 695 lower leg.
mss
Below are 6 charts that helped lead me to that statement. They will not update and will be removed by 12/20/08, sorry.
Several suggest that internal strength has increased, however money flow, as measured by BOP, indicate it is short lived. Other threads on this board give more and somewhat different analysis.
I will add another live chart to the "SPX - 5 CHARTS TO WATCH" thread on this board.
[attachment=9078:Picture_1.png]
[attachment=9079:Picture_2.png]
[attachment=9084:Picture_3.png]
[attachment=9085:Picture_4.png]
[attachment=9082:Picture_5.png]
[attachment=9083:Picture_6.png]
Comments always welcome,
mss
btw: $NYA & $VLE have almost the same patterns in indicators.
Edited by mss, 14 December 2008 - 06:07 PM.