SP:SPX   The S&P 500 Index
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Notes RSI which had been reading lower as price moved up, is finally moving higher. I have no idea what this means.
I see a IHS(with a downward sloping neckline), starting from 2008-01-01 through 2010-10-01, support re-tested on 2011-10-03 and continuing higher.
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That's a pretty odd looking IHS. At some point, revenue is going to matter. Growth is going to matter. Maybe not now...but at some point.
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devd12 KLang
agree that it's odd looking IHS http://screencast.com/t/AB8kBdDMiu, not a perfect textbook example. maybe cups and handles http://screencast.com/t/41aJKXxbx ?, but then again, i believe that technical patterns is a study of price patterns and is more subjective, if supported by fundamentals, even better but not essential.. :-) .. just sharing my thoughts, I could be wrong
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I think it means no more divergence. if you draw a trendline (connecting the bottoms), the uptrend is still intact.
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Yes, no longer divergence is clear, but maybe it means we are nearing overbought. It's odd, but I don't often look at monthly rsi because I'm not sure it's a great indicator at that time frame
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