MACD, A divergence in a weekly MACD is one of the most powerfully signals in technical analysis. I have know idea how this will turn out. What I do know is we will loose our serial bubble blower Alan Greenspan.
I agree in the short term. S&P600 sitting smack at the upper channel of a diagonal on an intraday basis. IWM (Russell 2000 ETF) sitting at upper channel of a mini-diagonal on daily basis. $RUT has entered 'MEGA-resistance land' as defined by the upper channel given by the highs of early 2004 and the one at the end of 2004. It appears that a move up for $RUT from here could complete a divergence on the daily, if resistance holds - 690-695 area in short term, if we do rally from here. (Additionally $RUT weekly is diverging all around - reinforcing the possibility of a top soon). $OEX still has not broken the upper channel on the daily... $SOX has not made new short term highs.