I'm no genius, but this characterizes several Weekly chartsI have looked over several charts tonight, taking a look specifically for Tickers on the Weekly with a green upweek this week.
Coincidentally I had the 200 MA turned on and started noticing how Price on a lot of things really on their Weekly charts have had this problem. A problem of being stuck underneath the 200 MA for quite some time now.
What is beginning to get interesting is that recently a few names like CAH, and IFF have broken through.
So I went looking for a few more common interests in the blue chip world and first stop was IBM.
Have a look. The 200 slope rode higher for 9 years, and has been pulling back for 6 years. We're sitting right on top of a 50% rectracement of the moving average line motion.
Certainly has perked my interest for any long term ideas, and about just how much power could be behind any more selling in the market. When you consider how long IBM has been worked underneath the 200 on the Weekly, does it being to shine light that maybe we're at the start of trend in a different direction?
