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Friday, January 30, 2009 12:36:15 PM
When we get the Major Market Bottom it will be retested just like in March of 2003. These charts will show that we should expect that we will get a higher low with plenty of positive divergences. The rise off the bottoms will come under heavier volume than the previous day, week or month. These charts will show why the November bottom 2008 is very questionable and not likely to be the major market bottom we are hoping for in the future.
Daily chart now on the Industrials is not too bad but it is not clearly showing the November bottom was the final bottom:
The Weekly Charts of the INDU back in 2002/2003 also showed lower lows on the VIX and higher volume weeks on the rallies:
The Weekly Chart now looks bad. Not a single up week on higher volume since July:
The Monthly Chart from 2002/2003 show the same confirmation:
The Monthly Chart now clearly shows we are still in a downtrend but many still hope that the triangle will resolve to the upside:
Daily chart now on the Industrials is not too bad but it is not clearly showing the November bottom was the final bottom:
The Weekly Charts of the INDU back in 2002/2003 also showed lower lows on the VIX and higher volume weeks on the rallies:
The Weekly Chart now looks bad. Not a single up week on higher volume since July:
The Monthly Chart from 2002/2003 show the same confirmation:
The Monthly Chart now clearly shows we are still in a downtrend but many still hope that the triangle will resolve to the upside:
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