I was checking out the Nasdaq from a longer perspective. Starting with the monthly chart we saw a divergence in the upward trending price and the dive-bombing stochastic showing the selling pressure that piled into that index starting in November of last year.
Also of note was the Oversold conditions that lasted for nearly two years between '00 and '02.
Taking a closer look, we go to the weekly chart. We were trending along nicely this past decade, right up until the beginning of '08.And finally we zoom in a little closer to the Nasdaq weekly chart, where a tight bearish pennant has developed. Not a pretty picture when all is said and done.