Wednesday, May 13, 2009


A close back below the dotted trendline. This trendline will now become resistance on any retests. The daily stochs have also crossed over. Looking for 88 as resistance. First it is the 50% retrace from recent 4/21 low. Second it is the resistance area from the late january and early feburary double top.

The 20 dma on the BPSPX:CPC has flattened...this has marked an important intermediate tops in this bear market. We will have confirmation when the 20 crosses the 50 down. This chart implies that this might be the top with a significant down trend coming up.