On the weekly charts, the SPX appears to be at a crossroads. Do we go into bull territory, or back down to bear? Are we out of the woods, as Cramer s saying, or are we in the eye of a hurricane? Let the charts determine that.
Before we get carried away, let's look at another time when similar situations occured. The market rallied sharply from steep declines, the financial gurus were telling us the botto was in, the economy appeared to be recovering, we were told all was well. those were the two boxed in areas of the chart above, which s the SPX from January 2000 to December 2002.