Since that date, the index broke below a "diamond" pattern that had formed and tumbled back below a former neckline of a H&S pattern that had broken to the downside in August 2008 (at 41.66ish), as shown on the updated chart below. Each candle represents 3 days and the current candle began today. At the moment, price has popped back up above 41.66 and is currently trading at the -2 deviation level of the shorter regression channel that began in May of 2010 and below the "mean" of the longer regression channel that began in October of 2007.
This is another index that I'll be watching, along with the others mentioned in this week's and last week's posts, in order to gauge overall market weakness vs. strength. At the moment, it is more weak than strong...but will become even weaker when it breaks and holds below 41.66 again.
