Martin Pring is a well known technician who recently started writing for the Street.com.
I particularly found this chart of his from a recent RM column instructive:
click for larger chart
Pring describes this as follows:
"Once in a generation or so, you can spot a chart that has extremely important long-term consequences. The first chart below is such an animal.
It shows U.S. stock prices deflated by commodity prices back to 1800. The stock part of the equation consists of the S&P Composite since 1926 spliced with several other indices back through the ages. The commodity series is the CRB Spot Raw Industrial since 1955, which has been spliced into other historical commodity series.
The momentum indicator in the lower panel is a 120-month rate of change. It is a little-known fact that there is a close relationship between momentum and sentiment. Thus, high readings in this indicator correspond to previous stock market bubbles. The theory is that when the oscillator peaks from a high level, it tells us that the stock market bubble has burst and that the psychological pendulum has begun to shift in the opposite direction. This then needs to be confirmed by a trend reversal in the equity series."
Pring has offered up a number of free resources on his site (Pring.com)
Return of the Bear (pdf)
Return of the Bear, a 30-minute video on technical signals and market history.
I found it quite informative.
S&P 500 Teeters on Wedge
By Martin Pring
RealMoney.com, 6/19/2006 1:04 PM EDT