S&P 500: Short Term View (or) Day Chart where each candle is 1 day's price action (or) EOD Chart:
|S&P 500 - End of Day (EOD) - 14 May 2012|
The yellow Day Channel shown above had held on, thro' all of last week's Bear onslaught (click).
Today it gave a break on the downside as shown in the blue circle.
The MACD Histogram is also seen ticking lower.
The Positive divergence is still apparent (yellow arrow).
Next task for Bulls is to attempt a Pull back to the white Channel.
This screen is seen as all bear (click) until the Price breaks above the 5 EMA.