Notice the following on the yearly chart:
-- Prices spiked at the end of last year in reaction to the credit crunch
-- Prices have since come down, but are still above the 200 day SMA
-- The last three months of price action can be contained in a triangle consolidation pattern
Prices are now below all the SMAs. In addition, the 50 day SMA has been moving lower since the end of February/beginning of March. The large spike we saw was from the Fed's announcement that they would be buying Treasury bonds. However, that does not seem to be enough to keep the market moving higher. But also note that prices are still above the upward sloping trendline started at the end of January. This line may be the real support line that stays under prices as a result of the Fed buying Treasury bonds.
