My Market Analysis for 13/01/2010

The S&P completed an evening star on the daily charts yesterday right at the bottom of its upward channel since March 09. Any break below this level will be the start of the overdue market dip that I’ve been expecting since December. The Dow and NASDAQ’s charts don’t look good either with the Dow at the bottom of the uptrending channel since March 09 and NASDAQ forming a bearish candlestick pattern. Volume has also been increasing on bearish days and decreasing on bullish days over the past 2 weeks.