Dow on the way to 10,000

9/5/08

This daily chart of Dow tells me that market is indeed going to retest july lows. Moreover, the pattern may indicate it is more likely going to trade lower. Double top appeared after each intermediate uptrend tops. See once the uptrend line support broken, it followed one distribution day. In order for sure if it has legs down to lower, I need to see at least one more distribution day. Now, it is morning hours of 9/5/08. I will try to analysis more this weekend. BEAR RULES period.

Bloody selloff (As expected)

9/4/08

What a Day!! What a Sell off!? (With Heavy volume too means very bearish as I expected from yesterday post). Again, why I could see it?! It is because the power of technical analysis. Once S&P was breaking the support(1260), you and I both know what would happen for the market. I am not going to say too much tonight. If tomorrow market open big gap down, it might be good bounce day tomorrow. Otherwise, flat or gap up opening both would prove to be failed and market will end down to retest the lows of July for sure. Again as I posted 2 days ago, the market tops has reached as of 9/2/08. I will try to recap on this weekend on where would this market heading?! I would say tomorrow NFP number will be way above -100,000 mark ( Market estimate is -75,000).

Major move is coming

9/4/08

I guess people could see what is going on next here!? Watch out the S&P 1260 mark. I remain bearish on coming days. Market need to retest the lows of July or this year.

Very bearish ahead

9/3/08

Yesterday the major indexes were withdraw all the gain they had which already told us it was going to be very bearish. Normally, the recent pattern is up after 3 down days in a row. But if we really are looking detail in daily chart of Dow & S&P. We could find out each downtrend started by a determined downward day like yesterday. This Friday we will have non-farm payroll data which would be again ignited another sell off?! I am here to say our intermediate tops are reached as yesterday highs. Be careful, folks, another leg down may be on the way soon. Good luck!