Weekly bullish MACD doesn't warrant a strong sustained rally. With monthly bearish MACD still in place, I suspect this rally only last less than 3 more weeks. If we are lucky, we can clear last December high.
Monthly chart is the key for bear market.
The best example to illustrate this is year 2002-2003 djia, spx.
friday trading, page-129
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Last
8,213.4 |
Change
20.000(0.24%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,193.4 | 8,239.4 | 8,193.4 |
| XJO (ASX) Chart |