monday spi, page-23

there's no dispute about the Dow Theory picture of spx, as gann45 is pointing out. Lower highs + lower lows = downtrend. That's given. The more interesting question is whether and/or when it will turn about? The momentum indicators are all saying that there is positive momentum hidden in this picture of a downtrend rather than there being hidden downward momentum. The picture is of a downtrend so downward movement isn't hidden, rather its the first glance picture.