hohoho merry bullmass, page-40

I take your point chewy but let me explain....some time back i read an article from financial sense or the like and it stated as a rule of thumb

1 below the 50dma a bear downleg is in play
2 above 50dma heading towards the 200dma is a bear market rally
3 above the 200 dma you have a new bull

have a look at the may rally...that worked fairly well....but it really is only a rule of thumb for the casual chartist I suppose. I would consider that Terry Laundry is getting down a little more to the nitty gritty of the technical side....the chart with the 55dma is a slightly better fit (historically) for upper resistance than is the 50....often there is not a hell of a difference.

But how 'bout this. If we break above the 55 dma in a meaningful way then I will personally lead the charge shouting "Viva la Bull !!"