Trend change?!

10/31/08

The above chart do showing some sign of good news for bulls. However, it needs to see the 1-2-3 pattern( higher highs and higher lows ) to build solid rally that lasting period of weeks. So, need few more days to determine if we have that or not. Do not forget, even if we have the rally which is a BEAR market rally only. We have long way to coming out of the wood yet. US Corporations has just starting lay off huge amount of workers so far this month. Anyway, have a good Halloween (Indeed, it is good halloween for market since we just have 2 up days in a row that it has not been seen for last 5 weeks ).

Descending Triangle pattern

10/28/08

S&P and other major indices are having great rally today. However, the daily chart is telling us it is forming a desending triangle pattern which is bearish. If the support line got broken, you all know what it will happen. Every major rallies are for BEAR to sell off hard each time so far this year. Do not believe this is true rally if tomorrow close in negative note. Will tomorrow people is selling the rate cute news?! Who's know?! Let wait and see. Good Luck. It is because once the support got broken, next level for DOW would be 1000 points down( 7000-7200). We have not see any 2 up days in a row so far for this month.