Not many look at charts beyond intra day and daily when assessing the markets. We are presenting the Quarterly and monthly charts, rarely viewed by most, because they portray the overall conditions of the market, sans the daily/intra day "noise" that keeps people focused on the proverbial trees. This is our "forest-like" point of view. The bull market ended in the first Qtr of 2000. What followed was a normal correction in 2002, and then a retest of the market high. Why do we call it a retest if a higher high were made in the final Qtr 2007?
It sometimes happens that way, and this was one of those times. Note the size of the bars and the shorter duration in time to reach low in 2002, 11 Qtrs. Contrast that with the smaller ranges on a more labored rally to retest the high, 20 Qtrs, almost twice as long to cover the same ground lost. (more)
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