It could get much more bearish for much longer!!!
SPX is still above the 200ma (like the March low).
BUT... this week's RSI & MACD are much more like the April 2005 bottom.
So we are either near the bottom or it's just the first leg and we will see sentiment off the chart again.
NOTE: If you can't see any chart below, Stockcharts will be off line early Saturday.
http://stockcharts.com/c-sc/sc?s=$SPX&p=D&st=2005-02-01&en=2005-06-01&i=p93114179741&a=100507769&r=1739.pnghttp://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=4&dy=0&i=p27805090960&r=2376.png
Edited by Rogerdodger, 09 March 2007 - 09:48 PM.