Weekly charts for Dow
Daily charts for Dow
On monthly charts, Dow did a bearish engulfing and is at MOBO lower band support now. Weekly it’s at the 50 SMA support (red line) and on daily it was a hammer candlestick pattern. On daily charts it had tanked too far out from the MOBO bands and I believe it would be rallying over the next few days to test the 10,250 resistance level.
Monthly charts for S&P
Weekly charts for S&P
Daily charts for S&P
On monthly charts, S&P is at the 200 SMA and lower MOBO band support. On weekly, it is also at the 50 SMA support level (red line) and Tuesday was a hammer candlestick pattern. This is very similar to the Dow and I believe it should be rallying to 1100 over the next few days. As the hammer candle stick pattern with a bullish confirmation on the next day indicates the start of a bullish trend, I will be monitoring the market movements tonight.
Monthly charts for NASDAQ
Weekly charts for NASDAQ
Daily charts for NASDAQ
NASDAQ had been the most bullish throughout this huge bull run from March 2009 and hence NASDAQ had corrected the most during this correction. However on monthly and weekly charts, NASDAQ is still above its 50 SMA. On a weekly and monthly basis, I believe it should bounce at this stage. Although there are 2 more days before the end of May, my charts are indicating that June 2010 would be a bullish month. We shall be able to know whether this bullish month will be a bear trap or the continuation of the March 2009 rally in the next few weeks to come.
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