Hoop sees an ascending triangle. This is often a strong bullish sign....but can be bearish in a downtrend ..
The other indicators are mostly bullish (rising above zero and trending upwards)) William% at 50
Therefore good chance the DOW index will break upwards out of the ascending triangle. Watch to see if resistance is broken (orange line 9080) if that happens the next big resistance is 9500
Conversely if the DOW index respects the 9080 orange line resistance level and drops to break the
8400 support that could spell the end to this
latest market rally*
*Note Hoop did not mention bear market rally just a market rally
Hoop not sure if the current market is still a bear Market or the first phase of a new Bull market. Testing the Nov 2008 bottom or slight lowering below the old bottom but in general terms respecting the old low(bottom) will indicate that a new bull has already been born....only time will tell....
Todays index close 8743 not marked on the chart
http://i458.photobucket.com/albums/q...to_13mar09.png