On the SPY chart, notice the following:
-- Prices have been declining for the last year. They hit a low point in November, bounced a bit higher but have been moving lower since the beginning of the year.
-- All the SMAs are moving lower
-- The shorter SMAs are below the longer SMAs
-- Prices are below all the SMAs
Notice the following on the DIA chart:
-- Prices are near their lowest point in a year
-- All the SMAs are moving lower
-- The shorter SMAs are below the longer SMAs
-- Prices are below all the SMAs
Notice the following on the QQQQ chart:
-- Prices broke through key support over the last few weeks.
-- All the SMAs are moving lower
-- Prices are below all the SMAs
Bottom line: these are incredibly bearish charts. Period.
