The Dow broke and closed above the confirmation level for double bottom and head and shoulders bottom formation on Friday. It tested but did not break the downward trendline from the peak in Oct 2007. This is a bullish sign. The downward trendline (12850) and the 200 day moving average (13100) will be the immediate resistance levels. See the previous post on US economic calendar and companies earnings reporting schedule to see if you think the results and economic data will be good for the US next week.
The trend change indicators from the moving averages crossover now looks a lot more defined. The Dow is on an uptrend clearly.
S&P 500
The S&P 500 tested the conformation line for double bottom but did not break it. It is very close to the downward trendline from the Oct 2007 peak. Looking bullish indeed.Similarly to the Dow, the downward trendline and the 200 day moving average will be the resistances to aim for.
Trend change wise it is not so well defined for the S&P 500 but is still on uptrend.NASDAQ
The NASDAQ gapped up on Google's massive results but did not break the resistance line at 2420. The NADAQ drop from January was pretty steep and severe. If the fears that caused that drop turned out to be unfounded going by the results of the major tech companies, I would expect the recover to be just as steep as the drop was.
Trend change wise, I would like to see the NASDAQ continue to rise powerfully to define the trend change much better.
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