$TSX-TC Update for 02.28.2009

S&P/TSX INDEX - $TSX-TC

Monthly chart shows continued weakness with no buy signal/pattern evident on this timeframe. While February 2009 saw a new lower low, aggressive bulls managed to step into the market and closed it above the key LIS and prior low of 7647.11 No buy signal/pattern evident on this timeframe.

Weekly chart shows last week's trading session resulted in a hammer candle pattern. Is the market hammering in a bottom? If so, how long will it hold? The lower low was made with divergence in the CCI Momentum indicator.

Daily chart shows aggressive bulls stepping back into the market for most of the past week. Will they manage to hold onto this key support and start heading higher? Watch next week's trading sessions for buy signal/pattern. IF the bulls can manage to hang onto support and gain upside traction, THEN look for upside target at the .618 fib level of 8768.43ish. Major resistance remains up at the 9512.71 level.

$SPX Update for 02.21.2009

S&P 500 INDEX - $SPX

Monthly chart shows index remains extremely bearish. No buy signal/pattern evident on this timeframe.

Weekly chart remains weak, with no buy signal/pattern evident on this timeframe.

Daily chart shows the index remains stuck in consolidation. Friday's price action resulted in a hammer candle pattern. Will some aggressive buyers show up next week? Possible gartley butterfly pattern in place. IF there is initial aggressive buying early next week, THEN look for upside target to be in the neighbourhood of 900.

$NDX Update for 12.21.2008

NASDAQ 100 INDEX - $NDX

Monthly chart remains bearish, with no buy signal in place on this timeframe.

Weekly chart shows indecision between the bulls and the bears, as the last three trading weeks trading activity resulted in a hammer, doji and spinning top.

Daily chart shows the bulls were unable to gain any traction all week.

$SPX Update for 12.21.2008

S&P 500 INDEX - $SPX

Monthly chart remains bearish with no buy signal in place on this timeframe.

Weekly chart shows continued weakness and consolidation, as the last three week's trading activity resulted in a hammer, doji and spinning top. No buy signal in place on this timeframe.

Daily chart shows continued weakness, with the bulls losing their initial gains to the bears as the trading week drew to a close. Look for continued weakness and a test of the low at the very least.

$INDU Update for 12.21.2008

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart continues to show weakness with no buy signal in place on this timeframe.

Weekly chart remains weak, with the past three weeks of trading activity resulting in a hammer, doji and spinning top. No buy signal in place on this timeframe.

Daily chart shows weakness the last three days of the week, with the bears erasing the initial gains of the bulls early in the week. Look for continued weakness and a test of the current low at the very least.

$TSX-TC Update for 10.26.2008

S&P/TSX-$TSX-TC

Monthly chart shows the index is trading well below its 8ema. The selloff has managed to hit my first downside target at the .618 fib level. No buy signal/pattern evident on this timeframe.

Weekly chart shows the index to be trading well below its 8ema. Looks like a consolidation/trading range pattern being made. No buy signal/pattern evident on this timeframe.

Daily chart shows that while the bears managed to make a lower low, there were aggressive bulls stepping back into the market, who managed to close the trading session, just slightly off its high, creating a hammer candle pattern. Current resistance is at 10,702.30. IF we get follow through with bulls stepping back into the market, THEN they have to clear the current resistance level before market can go much higher.