The daily chart above is not that of an ETF but it might as well be, considering its weight within many indices and its liquidity. "It" is MSFT, Microsoft, formerly known as the Evil Empire, before Google started having a go at the title. Ok, that was it for the fundamental analysis part.

Now as far as technical analysis is concerned, there are a few things I find interesting about this chart, the most important one being the price level at which the most recent bearish move stopped, around 27 on 3/13/2007. That's about where MSFT was trading at the day before it cratered and gapped down on humonguous volume on 4/28/2006. (I forget the impetus or should I say the excuse behind that major bailout from the stock, but does it matter?) As often happens, that level seems to have become solid support once it was overcome as resistance sometime in September 2006. That price level also happened to intersect with a nicely rising 200-day Moving Average line (blue on the chart). A successful retest of that very Moving Average occured on 3/28/2007 after which we made a new local high yesterday setting a pattern of higher highs and higher lows all this starting on 3/13. Does all this add up to a fairly solid bullish case? I think so.