Bull: Above monthly EMA's 15 and 20, has exceeded 62% crash retrace for second time, monthly AROON uptrend, washout downside volume (and associated negative sentiment) in second half of 2011, though lack of downside follow through makes it less bullish than it could have been.
Bear: Monthly MACD crossed down along w/ most other important indices not named Dow, possible fledgling bear signal by ADX, trend line (red dotted) at around the 1340-1360 measured target.
Good stuff. 2012 is going to be a good one, whatever form 'good' will take. Risk should be managed until direction comes forth.