As can be seen from above, the downtrend line from since before the beginning of the recession has technically been breached.
If the S&P 500 index remains above this line for a week or two(or longer), the case can be more strongly argued that the uptrend will continue.
On a shorter term basis, the Dow Industrials has a reverse head-&-shoulders pattern that points to a minimum target of 10500-10510, but could presage a grinding move higher towards 10 700- 11 000 towards the end of this year and perhaps the first weeks of 2010.
No comments:
Post a Comment