This is a chart I did back on the 14th when we were testing the lower support level. The chart showed then that we were ready for a bounce. I've added some more annotations just now in PINK to show how the support levels held. We're also gaining strength in the general market. The bulls are slowly coming back to life. :-)
I also usually test my expectations of what the DOW will do based on the Volatility Index which shows the amount of volatility in the market. Listed below the DOW chart is a Volatility Index chart I did early Friday morning before the market opened. Some of the trend lines are not exact since I didn't modify them after the market closed. But, notice on the price movement how the inner down trend line predicted closely where the Volatility Index would max out on it's current run. Based on these two charts combined, we are slowly coming out of the current bear market, at least in the near term. We still need to watch those support and resistance levels on the DOW for now though. It's going to take a lot of volume to punch through 9000 and stay above it for any length of time.
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