The basic plot below of the S&P 500 shows that the index is toying with the 200 day moving average. The last time this occurred was March of 2002, just before the long decline started that took us to new lows.
Perhaps we will penetrate the 200 day moving average and make a good run up, but I'm betting against it since many indicators show that we are closer to topping than we are to being positioned for a significant move up.
BPNDX-VXN & NDX Charts in daily format -- with nifty vertical lines for those of us who are a bit slow about things. {g} (I ripped off the idea from ajtj99, but added my own little touches.)
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