Where's The Enthusiasm?

Today, October 14, 2009, the Dow Jones Industrial Average crosses 10,000 once again. For me, I just didn’t sense any excitement or enthusiasm from the market this time around. In previous times, there were enthusiasm and positive feelings from the market when it moves above this psychological level. This time, it just seems like “Ok, it moved above it, now what?” I sensed there are still a lot of hesitations for the sideline money to commit and move “all in.” This indicates the market will move higher until it reaches the level that will generate the enthusiasm to move these sideline money into the market. Where this level will be is not important. What is important is where the market might reach when this level has been crossed. The bull flag pattern formed by the DJIA and the SP500 back in July indicates the DJIA could potentially move up to the 10,500 and 1150 for the SP500. For the Nasdaq 100, the next major resistance seems to be in the 1970 range. The market has not shown any signs it is ready to reverse. Until the market indicate it is ready to head down, the measured move from the bull flag will be the key level to watch.

Below are the updated charts for the DJIA, SP500, and Nasdaq 100: