Looking at , the moving average is starting to level out and even starting to rise on the . This isn't the big spike that I would like to see for a true reversal, but it is nice to see the steady drop-off in that has been going on since January starting to slow down. Maybe it's only temporary, will be keeping and eye on it.
Sentiment is certainly at a low. For the contrarian trader, this is also a indication.
Like I said before, I am cautious, but I think that the bottom may be in. The bear market may be ending, and a long march to new all time highs may be beginning.
I'm looking at the 7100 level (past support) as the next major if we start to rally. If my theory all falls apart, then I'm looking at the 5800 (previous support), 5000 (big round number), and 4200 ( ) levels for future lows.
Do your own analysis of course!
Take care and happy trading!