To Be Continued...

A week has gone by and the major market indices continue to consolidate. It is like watching a TV series with a teaser for the next episode..."To be continued...", the technical levels for the DJI, SP500 and Nasdaq remain unchanged. Until the market has given a sign that the bear market rally has ended, I will remain selectively long with tight stops, it is too early to go short.

Here are the updated charts:

What's Next?

Here is what I'm watching. The charts I have put up for the major indices look very similar to each other. Each one of them are in a "what's next" state. They all can come down and test the October 10, 2008 low or break above the trendline and move higher than the October 13, 2008 intraday high. Where the market will headed will depend on what the market decided to do...test the recent low or break above the recent high.