The market needs to prove this is anything different than a bear rally by first of all taking out the 1395 SPX Resistance, as long as we stay under this, the market remains weak and bearish.
Our Market leader, the weekly NDH has broken below its long term weekly channel. If we have weekly close below this channel and below the 1/23/08 Lows @ 1698 NDH/QQQQ 41.61, it would be an ominous sign. We already had a Lower Low intraday today.
In my annual forecast for 2008, I mentioned to the T&C Group and clients, we would have a January 08 Low, a February High and an April 08 Major Low. If the decline is minimal, we should reach the uptrend channel on the monthly SPX chart and retest June 06 Lows at 1220 SPX.
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