I don't think traditional analysis makes sense anymore. Once you introduce artificial stimulus into the markets things eventually get out of whack. Just look at the valuations on some of the gold miners; some are being priced near bankruptcy even though they are still profitable in terrible environment.
I remember the days when the S&P would be down hard and gold would inversely be up. Now they seem to rise and fall together as they both are usually inverse of the dollar. Fundamental analysis tells you that gold and the miners are great buys right now but the technicals and sentiment says they are going lower. Sentiment is what matters now, forget about fundamentals. Throw in the high frequency guys and you've got yourself one heck of a insane market.