The market bounced from the 1988 resistance level today and rallied the rest of the day, possibly in a double bottom to the most recent structure. If we see follow through buying next week that re-captures the Trend Average at 2023, there's a good chance the market will go back to bullish mode again. Oil seems to be confirming a bottom with today's rally over its Trend Avg and it's too bad I was stopped out yesterday during the retracement wave. If the rally in oil continues, the stock market will probably rally along as well and probably to a new all time high. Every time the market has been this oversold, we have seen new all time highs in the past 2+ years and most recently in December. I don't remember how many times its been already but I think this is the 7-8th time the market has reached this oversold level since Feb 2012. Obviously, at some point the market will roll over for a substantial correction. But personally, I don't see oil, copper, Greece or Switzerland stopping this uptrend. I think it will take "real" negative news to get momentum to the downside.
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Short Term Trend = Bearish
Medium Term Trend = Bearish
Long Term Trend = Bullish
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