The Two MOST Important indicators...

Price and Volume. Here's a simple cumulative volume indicator, for those with programable indicators like Telechart, just choose "Custom Indicator" and put in this formula: (V+V1)

Here's a look at the results.

The indicator is in white. In a healthy market, volume expands on rallies and declines on pullbacks, the exact opposite of what we see here. Just trace the rallies and watch the line fall and then the price declines and watch the line rise. This is a subtle, but very important chart.