2/24/09
Major indexes are forming bullish engulfing reversal candlestick pattern(2 day reversal pattern) with heavy trading volume. It is very bullish sign for S&P which it successful retest the low of 2008 (741). However, need to watch the banking index resistance zone tomorrow to finally confirm this strong reversal signal. Would Obama Speech tonight would help ignite another rally day tomorrow??! Or the "stress test" detailing tomorrow would help? Let us watch the market tomorrow!! My last night forecast is getting little twist different than I thought. Not quite. It just that S&P not going up to break above 780-790 or even 805-815. Also, this bounce may only last to 3/2 to 3/3 date. I need one more day to see more internal data to determine if this is the intermediate bottom.
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