It should be noted that even if the December lows were broken, the long-term positive action of the on-balance volume (OBV) indicator would still keep my long-term trend analysis positive.
Though it had not been invented yet, one of my favorite technical tools, the on-balance volume (OBV) indicator, which was developed by Joe Granville, gave some very interesting signals.
Though not featured in this article, the recent highs in the major averages were also confirmed by the weekly on-balance volume (OBV), which is also quite a reliable indicator.