All in a day's work

The last time I shared my opinion on a bottom is on 7th Jan 09 when Dow Jones seems to break a resistance of 8900. But in that post I did not refer to the charts. To read about my previous post, click here

However, this time round, I'd still see this as a potential rally but not the end of the bear run.

I've used arrows to indicate technical support formed in recent times and highlight the levels with a horizontal line, as you can see from the chart. This time round, I am in the opinion that we should have the "strength" to test 7,500 again, the resistance line formed since Aug 08, a breach of this resistance line would then lead me to rethink abt a sustained rally. Previously, a rally don't last longer than a week, 7 days and at this current time, we have about 3 days left.

I've removed all indicators in my analysis as I think indicators do not work in the current market. The tracking of the change in sentiments by indicators is too slow, in a way. Nevertheless, I do hope that most of you saw the bottom and caught the rally the last 2 days.

Finally, this is just my opinion and open for discussion/critics.