"In the short term, we would be up for the next few days and most probably be up for this shortened week too." ~ from my market analysis for the week beginning 15th Feb 2010
The markets (all 3 indexes) rallied as expected over the week and closed the week up right at the 50 day moving average. However the Dow and S&P closed Friday with a doji. The doji is not so clear on Prophet charts but its clearly a doji on TOS Futures charts which i regard as more accurate.
Dow Daily charts
S&P Daily charts
NASDAQ Daily charts
This week, we will know whether the indexes have the power to continue the rally that had started since March 09. Anything short of a big bullish day today and tomorrow may spell doom for the market because we might then be on the downtrend back to the March 09 lows. This downtrend may take up to a year to run its course so there would be plenty of trading opportunities in between.
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