By the metric of inflation-adjusted earnings, stocks got way out of line a few years ago.
The on-balance volume (OBV) has major resistance at its WMA and the downtrend, line a.
The daily OBV has broken its uptrend from the September lows, line a, which is negative.
On top of the red line a hand-drawn narrow black line shows the general trend.
The chart shows a pattern of lower highs (line a), which is not a good sign.
The DMK tested its downtrend (line a) in August and had a sharp, three-week pullback.
The weekly chart shows that the long-term downtrend, line a, was overcome in early November.
The weekly chart shows that NUE broke through a major downtrend, line a, in late December.
The uptrend from last fall, line a, was broken in the middle of May.
Anyone working for a tough boss has heard that line a time or two.
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The weekly OBV moved through its WMA and overcame its downtrend (line a) in August.
It is down 28% from early March, and has broken below major support (line a).
Ben Crenshaw, who won the Masters twice, had a great line a couple of months ago.
The weekly OBV moved through year-long resistance (line a) towards the end of February.
The longer-term resistance from the 2011 highs (line a) waits in the 2.28% area.
The major resistance (line a) connects the 2000 and 2007 highs and is currently at 1581.
It is just above next support (line a) with more important support at line c.
Microsoft Corp. ( MSFT) closed November back below the support, line a, from the 2011 highs.
The monthly chart shows the trading range that developed from 2004 through early 2009, line a.
From these lows, the new highs expanded to 569 on November 4, 2010 (line a).
The longer-term downtrend (line a) is now at 2, 550, which is over 10% above current levels.
The more important 78.6% resistance and the downtrend (line a) are in the 8, 073 area.
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The iShares MSCI Italy Index Fund ( EWI) gapped through its daily uptrend, line a, on Monday.
The current chart shows that the recent pullback is holding above the high from March (line a).
The long-term chart shows that the breakout level, line a, was retested last fall before prices surged.
The trend line support from the 2011 and early 2012 highs, line a, is now being tested.
The close below the monthly uptrend, line a, totally negates the positive monthly breakout from October 2011.
This is very close to the trend line resistance (line a) from the 2010 and 2011 highs.
There is further resistance at 1, 180 and then more important levels at 1, 200 to 1, 210 (line a).
The weekly trading channel goes back to 2011, with the upper boundary (line a) now at 9, 492.
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