Technical View for S&P and Dow Jones Index

2/20/09

Dow Jones Index is making fresh bear market low. However, it formed hammer doji star with heavy volume and it requires follow though day to confirm this downtrend technically. This is also same for S&P Index. Would S&P call a successful retest low of 2008??! On daily basis, it does need to see coming monday action to determine if this intermediate down trend end today. If we look at the time that today 2/20/09 just exactly 3 months away from last intermediate low at 11/20/08, interesting, isn't it??!
Now, do you remember how many so called Wall Street "Guru" or "Analysist" that last Novermber low is this Bear market bottom??! But, I disagree with them long time ago. I do call this secular bear started since 12/2007 as I started to write this blog. My offical count begun Dow breakdown 12800. How many points we away from that mark??! It is amzaing 5400 points!!! Again, 90% of Wall Street professionals need to go back study what is technical analysis. Only better technicans, Of course I am one of them, are seeing this will happen way ahead anyone. I cannot emphasis how powerful that technical analysis bring me forecast the stock market, each individual stock... Have a nice weekend!!!