$TSX-TC Update for 03.29.2009

S&P/TSX INDEX - $TSX-TC

Monthly chart shows current support holding, with bullish engulfing candle pattern about to complete this week.

Weekly chart shows the bulls continued to make new high last week. However, as the end of the week approached, traders took profits.

Daily chart shows the chart is getting a little toppy at this level, and traders took profits into the close of the trading week. Look for a deeper pullback and retracement of the entire move up off the current low.

$NDX Update for 03.29.2009

NASDAQ 100 INDEX - $NDX

Monthly chart shows that trader sentiment has changed, with the bulls definitely leading the way. Trading activity thus far March 2009 has resulted in a huge Bullish Engulfing candle pattern. Is this a bear trap? Trading over the next couple of weeks should give better clues.

Weekly chart shows that despite the impressive bullish strength this past month, the index has been stuck in a trading range since November 2008. IF this is indeed a bear market rally, THEN there should be significant resistance into 1400 to 1487 area above. However, the index needs to clear short term key LIS directly above at the 1288 level before it can go any higher.

Daily chart better shows the current key LIS and short term resistance at the 1288 level. Aggressive sellers gapped down the market at the open of Friday's trading session, in their hurry to take profits. IF we get follow through with selling pressure, THEN look for a retracement of the entire move up. One thing to note is that there is a possibility that the index is stuck in a wave 4 consolidation pattern.

$RUT Update for 03.15.2009

RUSSELL 2000 INDEX - $RUT

Monthly chart shows that thus far, the price action for the month of March 2009 is producing a bottoming tail. Look to the lower timeframe charts to looking for long entries.

Weekly chart shows that this week's trading session resulted in a bullish engulfing candle pattern. The lower low in place was made with regular divergence on the CCI momentum indicator. The aggressive bulls managed to close the week near its high and well above the prior key LIS of November 2008 (old support did not become new resistance).

Daily chart shows that last week's doji gave a heads up as to possible change in trader sentiment. Price action also traced out a bullish butterfly pattern, which also gave a clue as to possible change in trader sentiment. First resistance level is at the .382 fib area of the last move down from the January 2009 high. Look for a retracement and a higher low to enter swing long.

$NDX Update for 03.15.2009

NASDAQ 100 INDEX - $NDX

Monthly chart shows the November 2008 support holding, with aggressive bulls stepping back into the market with a re-test of that support level. Look to lower timeframe charts to look for long entries should this buying continue.

Weekly chart shows that last week's trading session resulted in a bullish engulfing candle pattern, indicating that trader sentiment has changed from down to up, at least in the short term. On this timeframe, a higher low has been made, and so long as this low holds, we should see further upside movement.

Daily chart shows that a higher low has been put in place, and aggressive bulls have been stepping back into the market, taking the index higher, and at a minimum, to retrace the last move down from the February 2009 high. Instead of the bullish butterfly pattern being played out, we have bullish gartley butterfly pattern in place, indicating that, at least in the short term, the price movement should be up. First upside resistance area is the .618 fib level then the .786 fib level.

$SPX Update for 03.15.2009

S&P 500 INDEX - $SPX

Monthly chart shows that aggressive bulls stepped back into the market at the key potential support level of .618 fib and target 3. This .618 fib support level is based on the entire move up in the index from the low made in March 1980 into the October 2007 high. Resistance is directly ahead at the key LIS and the October 2002 low. No buy signal/pattern on this timeframe. With two more weeks to go before the trading is complete for the month of March 2009, anything can happen during this time.

Weekly chart shows that the past week's trading session resulted in a bullish engulfing candle pattern. The bulls managed to close the week above the small key LIS and the November 2008 low. Will this pattern have any follow through, or will it fail like the pattern made in November 2008? Only time will tell. This week's bullish pattern was made with regular divergence on the CCI momentum indicator as did the previous pattern.

Daily chart shows that the doji candle pattern made the week before provided a signal of a possible major move, which played out to the upside this past week. The bullish butterfly pattern identified last week also gave a heads up as to the next likely move.

$INDU Update for 03.15.2009

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart shows that the low made last week at the 1.618 fib level to be holding for now. The aggressive bulls have managed to step back into the market and take the index up to close above the key LIS and October 2002 low. Only time will tell if they are able to keep it up above this level and proceed higher. There are still two weeks remaining before the month of March 2009 is over. Anything can happen in two weeks time.

Weekly chart shows a bullish engulfing candle pattern, indicating that the short term sentiment has changed from down to up. Aggressive bulls stepped back into the market and managed to close the index near its highs for the week. This support was made with regular divergence seen on the CCI momentum indicator. There is still no buy signal/pattern evident on this timeframe. However, one should be on the lookout for signals of bulls meeting resistance, or for renewed buying strength from the bulls and for a buy signal/pattern to materialize.

Daily chart shows that the target 2 at 1.618 fib level held as support. Initial resistance is directly above at the key LIS of prior support (old support becomes new resistance). This also coincides with the .382 fib area of the whole move down from the January 2009 high. It also happens to be right at the down trendline in place. Look to next week for some consolidation and retracement of the whole move up. When the index does indeed pull back, THEN look for buy signal/pattern setup for swing long.

AMAT Analysis for 02.22.2009

APPLIED MATERIALS INC. - AMAT

Monthly chart remains bearish with price well below all key moving averages on this timeframe. No buy signal/pattern evident on this chart.

Weekly chart shows test of the November 2008 bottom. IF the support holds, THEN look for a buy signal/pattern to be set up.

Daily chart shows the market tested the November 2008 low, with short term support found on Friday's session at the .886 fib area. Current pattern evident is the bullish gartley butterfly. IF there is follow through to the upside next week, THEN look for initial upside targets to be $10.37, $10.95 and even $11.31. The price action thus far suggests the market is tracing out a consolidation/trading range pattern before the next big move.

ACC Analysis for 02.22.2009

AMERICAN CAMPUS COMMUNITIES INC - ACC

Monthly chart shows stock price remains bearish as it is below all key moving averages on this timeframe. However, backend support @ $17.63 held, as the bears were unable to close the stock below that level on a monthly, despite dipping below that many times.

Weekly chart shows possible buy signal/pattern setting up off this timeframe. We currently have a test of the November 2008 low, where aggressive buyers stepped back into the stock. Let's see if we get any follow through early next week to the upside. IF we do get upside traction, THEN look for the market to retrace the last leg down from the high made in October 2008. Should this scenario play out, THEN the first upside target could easily be the .618 fib level at $28.64.

Daily chart shows a bullish gartley butterfly pattern in play. Friday's price action created a bullish engulfing candle. Look for follow through next week. IF we get any traction to the upside, THEN the upside targets on the radar will be the .618 fib level of $21.27 and the .786 fib level of $22.46. These are the short term upside targets. Trailing stops would be a good idea as this pattern could be retracing a larger range, which would mean greater profits (look to monthly and weekly chart for upside targets for this larger range/pattern).

$RUT Update for 12.05.2008

RUSSELL 2000 INDEX - $RUT

Monthly chart shows bottoming tails into support. All three downside targets have been hit. Index remains well below all key moving averages and the down trendline in place. Perhaps the market will consolidate for a bit now. No buy signal/pattern evident on this timeframe.

Weekly chart shows the bulls managed to cling onto their gains made the week before. There is an aggressive buy signal/pattern in place on this timeframe. Look to lower timeframe charts for better sense of short term direction.

Daily chart shows the bulls managed to close right on the high of Friday's trading session. We need to look for follow through next week, and to stay above current resistance in order to have a larger upside move.

$SPX Update for 12.07.2008

S&P 500 INDEX - $SPX

Monthly chart shows bottoming tails into support and key LIS. However, index remains well below all key moving averages and the down trendline in place.

Weekly chart shows the bulls managed to hold into the gains made the week before. Index remains for now, below all key moving averages and the down trendlines in place. Aggressive buy signal/pattern evident on this timeframe with the bullish engulfing candle pattern and the harami candle pattern in place.

Daily chart shows the bulls managed to close Friday's trading session near its high for the day. We need to see upside follow through next week, and must clear current resistance before we can see a more sustained up move.

$INDU Update for 12.07.2008

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart shows bottoming tails into current support. Index remains well below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.

Weekly chart charts the bulls managed to keep most of the gains made the week before. Index remains below all key moving averages and the down trendline in place. Short term aggressive buy signal/pattern in place. IF the bears managed to take the index back down to last week's low, THEN the short term aggressive buy signal/pattern is negated.

Daily chart shows the bulls managed to close Friday's trading session near its high for the day. We need to see bullish follow through and continuation higher next week, and must clear current resistance at 8831.35 in order for a more sustained upmove.

$INDU Update for 11.22.2008

DOW JONES INDUSTRIAL AVERAGE - $INDU

Monthly chart remains bearish, with index well below all moving averages and the down trendline in place. This past week, the market found support off the March 2003 low. The market now has taken back 5 years worth of gains. No buy signal/pattern evident on this timeframe.

Weekly chart remains bearish, with a new low made with this past week's trading session. Index remains below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.

Daily chart shows aggressive bulls stepping back into the market at the March 2003 low. The bullish engulfing candle pattern signals a short term support level for now. We need to look for follow through next week. There is a possible 5 waves down into current support. IF we have 5 waves down, THEN look for retracement of the last move down.

$INDU Update for 07.19.2008

DOW JOES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart shows buyers showing up off the 11,000 level. While the index opened up higher in the beginning of the month, selling pressure saw a sharp move lower to test the 11,000 area, where aggressive buyers stepped back into the market. Is this nothing more than a bear market rally? This is a possible wave 4 consolidation/trading range before the next push lower. For now, the current resistance is right above at the 11,600 to 11,750 area. No confirmed buy signal/pattern off this timeframe for now.

Weekly chart shows that the first downside target at the 1.27 fib level has been hit. A bullish engulfing candle pattern was completed by this week's trading action. This indicates that in the short term, there were buyers off the 11,000 level.

Daily chart shows the strength of the buyers in the short term. Price is currently above the 8ema, but the the moving average ribbons have not crossed as of yet. The low made this week was made on regular divergence. Look for a higher low to be made to confirm a real change in trend. IF we can't seem to get much traction, and remain in consolidation, THEN that would be a clue that it is wave 4, with wave 5 lower low still to come.