The Big View: Is it time to prepare our shorts?

What is new since our last look at the bigger picture?
Well not much, we still haven't overrided the 110-00 defense line and we haven't really moved as shown in the graph. Bu since last time, three things have changed a bit:
1 - We are dangerously close to the montly moving average. We haven't gone trough it but we are really close
2 - MACD has turned negative and if you look at it lately, you will notice that it has been pretty good lately at picking turning points
3 - Open interest is lower. Maybe it just market participants starting to roll in the new future but maybe not...

Of course against that we are right now in the middle of little credit crisis that if is not solved could send everything (except stocks of course) a lot higher....