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May 3, 2009

Chart Review

Folks, I've had a long weekend and am ready to crash and get my head clear for the coming week. So in order to offer a weekend post, I'll offer first an executive summary, then a series of charts in my watchlist and portfolio. I believe an inflection is about to occur in equity prices, perhaps tomorrow but probably by Tuesday. I am not convinced that the next turn will take prices directly to new bear market lows... not saying it won't, but if there is to be another push higher in here, we'll cross that bridge when we get to it.

s&p 500 weekly chart

stock index chart

As you can see in both charts, volume has been drying up quickly... not the behavior you want for an explosive rally to be sustained.

spx weekly chart

I suspect something similar is about to rattle bear cages in coming weeks, so we'll have to keep our mouse buttons loosened up.

stock market indicator

stock market indicator

oil chart

penn west chart

stock chart



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