i think you are putting too much emphasis on macd
but apart from that i agree we need some power now to turn bullish
Yes, I love MACD... my favorite indicator.
I put emphasis on 2 things.... Multiple MACD's ( Momentum in different time frames) And price in relation to moving averages.
Price relation to moving averages overrides MACD from my perspective. Price aboce 33/55 EMA ... bullish side has benefit of the doubt, Price below 33/55 ... bears.
Unfortunately for the bullish case SPX daily price is below 55 EMA... that makes it bearish in my view.
On top of that all daily MACD's are falling. And some weekly have rolled over too.
I've simplified my whole system to MACD's, RSI, and moving averages. I used to have [bleeep] of clutter indicators on my screens, and removed all of them, except for these.
Keeping it simple. Works for me.
Edited by ogm, 06 November 2007 - 07:25 AM.