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dow jones watch..>>> bullish time ahead

  1. Despite the major averages (Dow, Nasdaq and S&P 500) ending up for the week the question remains will the major averages follow through to the upside and confirm a Bullish "Double Bottom" pattern or will they stall out leading to a Bearish looking "Head and Shoulders Top" pattern over the next week or two.

    Once again let's analyze the current chart patterns of the major averages from both a Bullish and Bearish perspective. From a Bullish point of view the major averages are still exhibiting a potential Double Bottom pattern and are trying to rally out of four week Handle. As I mentioned last weekend in order for the Double Bottom pattern to be confirmed the major averages must break above their December 2nd highs which are acting as the key Pivot Points. These levels are near 9100 (Dow), 1520 (Nasdaq) and 960 (S&P 500). If the major averages can rally above these levels accompanied by good volume then this would be a Bullish sign for the longer term.

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