Wednesday, January 14, 2009

Stock Market Update

Since my last post on this blog a lot has happened in the stock market so lets take a look at the following charts and get up to date.



The NASDAQ , Dow and S&P appear to be heading lower. The short-term uptrend of higher lows and higher highs since late November has been broken and it looks like we will see a retest of the lows from 7 weeks ago. I was actually bullish on this market towards the end of December but have clearly abandoned that view.

Below is a chart of the bank Index. As you can see this is where the real weakness is in the stock market. Notice how the BKX index is very close to testing the lows from last November.

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