I typically laugh out loud when I hear a pundit refer to technical analysis as voodoo. Am I offended because it's one of the tools in my approach?
I really could not be bothered, as long as I am on the right side of the market. If I didn't use TA, there's no way that I could be consistently profitable in a market such as this. When you think about it - broadly speaking, the way I approach technical or relationship analysis is no different than the fundamental guys philosophy. We both contrast current data to past performance to make an estimation about future expectations.
It's just in this circumstance their PEG Ratio is my U.S Treasury/Equity Ratio - and in my experience I can't predict with any probability where the market will trade next week, month or year based on PEG ratio's.
Maybe it's just me.
Judging by this chart, we are very close to a short-term low - which will likely be SPX 1125-1135 over the course of the next several sessions.
With that said, have a wonderful and warm Thanksgiving for those American's here and abroad.
For everyone else, stay frosty - this market is very dangerous.