Renko chart observation

This morning's gap down took the hourly Renko chart down to the BB median where it has found previous support.
Almost immediately the 1 minute and the 5 minute showed white (buy) bricks.
At the same time the SPX VIX ratio did not cross down.
The daily chart is right at resistance.
A little higher and the monthly should turn to a buy, but it has not yet.
Renko Charts Link

http://stockcharts.com/c-sc/sc?s=$SPX&p=60&b=5&g=0&i=p37721680279&a=138242790&r=9989.png

RD: That bearish flag formed at the high does not look like a good omen. JMHO

Edited by redfoliage2, 07 May 2008 - 09:42 AM.