My thought on this is you are right, on a macro level, charts will not be good indicators of the future. However, on a micro level, like days-weeks-months, chart watching can be a self fulfilling prophecy. People who see resistance at a certain point on the chart, then place limit orders that work with that resistance. I believe this is why people like charts. You aren't really playing the market, your playing the people involved with the market.
RE: Be Wary Chart Analysis!