60m intraday uptrend is still holding up. Qs LOD 48.89 is a D/W support. SPX LOD 1409 is also daily TL support. DOW 12781 ma S. No confirmation of a meaning pull back yet even with oil 129.
IWM retraced 50%. Big caps were holding up markets since 2006.
This is not a new bull market. Market momentum is again weakening after Mar 17 reversal with the double bottom formation. Daily price actions show price/breadth negative divergences. The rising oil price is another nail to bulls after the ARM melt-down.
Big megaphones on weekly: Many have forgotten about the big megaphones which were popular subjects before Oct 2007 top. The big megaphone formation on weekly is still a visible and viable outcome. Again, rising oil price is another nail on bulls.
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