$INDU Update for 03.06.2009

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart remains very bearish with index well below all key moving averages and the down trendline in place. We have broken through the Key LIS at the October 2002 low and now old support becomes new resistance. No buy signal/pattern evident on this timeframe.

Weekly chart shows the bears have the upper hand, taking the index down to a lower low. The bears also managed to close the week near its low. No buy signal/pattern evident on this timeframe.

Daily chart shows the bears took the index down and hit my two downside targets. Friday's session ended in a spinning top/doji candle pattern. Aggressive bulls found short term support right off the 1.618 fib retracement level. After such a strong down move, we are overdue for some consolidation/trading range action.

$NDX Update for 01.03.2009

NASDAQ 100 INDEX - $NDX

Monthly chart shows that the December's trading session ended with a spinning top candle pattern, indicating indecision between the bulls and the bears. While a tradeable bottom is currentlyin place, the index remains well below all of its moving averages on this timeframe.

Weekly chart shows the bulls managed to close the week well over its 8ema. Look for consolidation/trading range over the next few weeks, with the .382 fib retracement level as the first upside target.

Daily chart shows possible 5 waves up. IF we have 5 waves up, THEN look for an abc 3 wave retracement of the whole move up.

$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.

$RUT Update for 12.14.2008

RUSSELL 2000 INDEX - $RUT

Monthly chart shows index remains well below all the major moving averages and the down trendline in place. Bottoming tails on the last three candles indicates short term support in place. However, the bulls can't seem to get much traction to the upside despite the current support in place. No buy signal/pattern evident on this timeframe.

Weekly chart shows that last week's trading session resulted in a spinning top candle pattern, indicating indecision between the bulls and the bears. Index remains below all key moving averages. No strong buy signal/pattern evident on this timeframe.

Daily charts shows short term support in place, with the market making higher highs and higher lows. However, price action indicates consolidation/trading range pattern being traced out. Look for major resistance at the October 14, 2008 high.

$SPX Update for 12.14.2008

S&P 500 INDEX - $SPX

Monthly chart shows continued weakness, with the index remaining well below all key moving averages and the down trendline in place. Bottoming tails on the last three candles indicates short term support in place. However, there is no conviction by either the bulls or the bears. No buy signal/pattern evident at this time.

Weekly chart shows last week's trading session resulted in a doji/spinning top candle pattern, indicating indecision between the bulls and the bears. The traders ended last week's trading session pretty much where they left off the week before. Index remains below all key moving averages and all down trendlines in place.

Daily chart shows short term support in place, with the bulls struggling to take the market higher. Short term trend is up, as we have higher highs and higher lows. However, price action indicates consolidation/trading range pattern being traced out. Look for major resistance to be at the October 14, 2008 high.