All the arrows point in different ways…what’s it mean? What price glory?

Posted on Jun 25, 2012 by in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=W&yr=4&mn=0&dy=0&id=p23979716543&a=268628380

An interesting technical question is:  Are we still in the aftermath of the break of the Mar 09 trendline?  In this weekly chart we see a substitute long term trendline develop from the March 09 bottom.  That line effectively defines the  roaring bull market we have had since the Mar 09 bottom.  The breaking of that line would be catastrophic.  We could also argue that the October 10 wave low would have to be broken too for the sky to fall.  The long term weekly Basing Point stop line is quite close to that low.

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