Had a bit of rare time so I watched 20 minutes of CNBC's Fast Money this morning.
Jeff Weiss a TA chartist who I haven't heard of before gave a informative interview.
approx Quote:
"...The S&P 500 has suffered Technical damage and on the monthly chart it has broken its 17 month moving average. The S&P 500 needs to rise above 1220 or ideally 1250 and stay up above there for the rest of the month to repair this damage otherwise the future looks poor. The 17 monthly average breaks have only been wrong once in the last 23 years...."
He goes on to mention how the primary trend line and the S&R lines all meet at the 17 month MA break area ..interesting and spooky. (I haven't drawn these on the chart below)
I have drawn up a similar chart ( I added the secular bits )
There seems to be a break in 1998 on my chart but I didn't see it on his chart.
http://www.imageurlhost.com/images/a...klkmccv58q.png