Big Bull Picture
Joanne,
This classic "W" pattern and/or "Inverse Head & Shoulders" are the strongest evidence available that the bullish move is still intact and the markets will move higher. The internals remain strong, a major stumbling block has been passed, the economy has not dropped into a major recession, and the "preception" of economic stimulus is in place.
The internal trend line --neckline-- of this chart has held.
However the Gann 50 has not been overcome.
SPX Daily
stockcharts.com[w,a]dahaniay[d20010809,20030522][pf][vc60][J10821951,Y]&pref=G
The Weekly INDU chart and SPX have the "W"..., but the internal trend line has not been overcome, nor the Gann 50.
Weekly INDU
stockcharts.com[h,a]wjhaniay[de][pf][vc60][J10931642,Y]&pref=G
Finally, the VLE is by far the most beautiful and important demonstration of the strength in the move of the broad based stocks of the USA since the VLE's low in Sept 2002.
Monthly VLE Price Relative to INDU
stockcharts.com[w,a]mdoannay[d19900114,20030515][pc34!c50!f][iuj[$indu]!lh14,3!la9,21,6!ld20!lb14][J12586896,Y]&pref=G
The Inverse shows the weakness of the DOW 30 stocks relative to the VLE.
Monthly INDU Price Relative to VLE
stockcharts.com[w,a]mdoannay[d19900114,20030515][pc34!c50!f][iuj[$vle]!lh14,3!la9,21,6!ld20!lb14!lo14][J12586643,Y]&pref=G |
