I posted the DOW's rising bear trendline chart:
The DOW is in log scale, the SPX and NASDAQ are not. The daily dipped beneath 50 RSI on both the SPX (48.55) and Nasdaq (47.91). The DOW remains elevated at 52.46.
All three indexes have hit important trendlines although it can be said that the NASDAQ has already cliff-jumped over its main bear rising trendline.
The SPX monthly shows that bears want a close on Friday below the 20 month Moving Average of 1053. A close above the 20 month MA would be further evidence that will be sited by many technical analysis types that a new bull trend is at hand.
I will say this though: The typical TA could very well fail horribly on P3.
Either way, something big will happen shortly. A massive suicidal jump over the trendlines would be a good start for the bears.
And yet here we sit parked on these major rising trendlines and the popular McClellan's oscillator is the most oversold all of P2 yet we are merely 40 points from the top? Weird? Conspiracy? Beats me.
But expect the unexpected....
As if I needed to remind anyone of that