This is a follow up to the weekly chart just posted. Also referencing the Ed Carlson article on Trader Planet for another viewpoint:
www.traderplanet.com
Keep in mine price action has not confirmed a down turn, but the picture isn't pretty at the moment.
I'll post the Daily chart which paints a similar picture. Overall strength is waning, and bearish formation are developing in both weekly and daily charts.
Nothing is confirmed yet by price action, however this article by Ed Carlson points to the SOX/SPX ratio and it's already broken it's H&S pattern as well.
www.traderplanet.com
Worth keeping an eye on.
