It currently is still in a downtrend. New leadership must emerge to carry the torch, with a broader list of stocks breaking out to new all-time highs. This will all take time and another test of the recent lows over the next month or two is certainly a good possibility. If and when this level gives way, there is only a little bit of chart resistance from 1487 back up to the old high at 1527.46. Support is very heavy below and we don't see a lot of downside from here.
Bullish sentiment remains a concern with very little break in the readings of late.
These levels are truly baffling in light of the recent market action. We would be much more comfortable with a bit more pessimism concerning the markets outlook. Business Week Online may receive a share of any fees you pay for services. The McGraw-Hill Companies Inc. All rights reserved.