$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.

GE Analysis for 11.23.2008

GENERAL ELECTRIC - GE

Monthly chart shows stock remains bearish, with the price well below all key moving averages on this timeframe. Current support is off the 1.414 fib retracement level. There is no buy signal/pattern evident on this timeframe.

Weekly chart continues to be bearish, with price below all key moving averages and the down trendline in place. There is no buy signal/pattern evident on this timeframe.

Daily chart shows price remains below all key moving averages. Friday's price action created a harami candle pattern, signalling a temporary support level found. No buy signal/pattern evident as of yet on this timeframe. Need to look to next week's trading activity for confirmation that this support level will hold in order to get any more upside.

$TSX-TC Update for 11.22.2008

S&P/TSX INDEX - $TSX-TC

Monthly chart remains bearish, with the index well below all key moving averages. The market found short term support right off the .786 fib level and a key LIS (old resistance becomes new support). Both downside targets have been hit so far. No buy signal/pattern evident on this timeframe.

Weekly chart remains bearish, with the index well below all key moving averages. No buy signal/pattern evident on this timeframe.

Daily chart shows that Friday's trading session made a slightly lower low right at key support. Friday's trading session created a harami candle pattern. We will need to see confirmation of this pattern next week in order to see a tradeable bottom. No buy signal/pattern evident on this timeframe as of yet.

$RUT Update for 11.22.2008

RUSSELL 2000 INDEX - $RUT

Monthly chart remains bearish with the index well below all key moving averages and the down trendline in place. All three downside targets have been hit with this swift move down. No buy signal/pattern evident on this timeframe.

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

Daily chart shows a harami candle pattern formed with Friday's trading session. We need follow through next week to confirm that the down trend has stopped. Index remains well below all key moving averages and no buy signal/pattern evident as of yet.

$SPX Update for 11.22.2008

S&P 500 INDEX - $SPX

Monthly chart remains bearish, with the index well below all key moving averages and the down trendline in place. The bears managed to breach the October 2002 low/support, but the aggressive bulls managed to close the trading week above that level. The market has now taken back 5 years of gains. No buy signal/pattern evident on this timeframe.

Weekly chart remains bearish, with the index below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.

Daily chart shows that while the bears made a lower low, the aggressive bulls managed to step back into the market and closed Friday's session higher than the open. The index remains well below all key moving averages. IF we have a tradeable support level, THEN we need to see follow through to the upside next week.