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The latest from the IndexHunter session 05/19/2009

Keep focused on where control is, start with Monthly chart.

SLX -  Monthly, weak but has turned.  Weekly, MACD blue line above the red line.  Daily, need to wait for turn, so look at Hourly to find the catalyst for daily.  Hourly had DB with divergence on Friday afternoon.  Same with IWM.

KBW  - Good weekly strength, but no divergence.  Need daily to turn up, but the pressure is still to the upside.

FAZ - strength still on longer term charts.  DB and divergence on hourly, but doesn't have the exact pattern we want to look for.

X - Below 27 on Friday, today up to almost 31.  Doesn't have same rolling over as Steel Index, but looks like it could kick back into motion.

GLD -  Not very clear. Strong down on the monthly, but need the weekly to validate and it doesn't, weekly still strong up as is daily and hourly has downside divergence, but pattern is not clear at all for call options.

BDX - Weekly has technical strength built into it, daily needs to move to the upside.