DOW JONES INDUSTRIAL INDEX
The Dow looks like a possible double bottom formation. Confirmation would be a breakout upwards above 12765.
Notice also the upward channel the Dow is currently trading in. Also the downward trendline from January is nearby. Breakouts above the channel and the trendline would be bullish signals.
13365 would be a very key resistance level in the event a double bottom reversal is confirmed.
US S&P 500
The S&P looks like a double bottom formation as well. A breakout above 1396 would confirm this reversal pattern. However there is a HCR right at that level. Watch the 25 day moving average. A break above it would be a bullish sign near term.
NASDAQ COMPOSITEThe NASDAQ has an interesting chart. Recent lows took out the January lows. This looks more like a descending right angled triangle formation to me. False breakouts are noted recently. A breakout above the downsloping trendline would confirm this as a busted pattern and usually powerful upwards moves are observed. However there is a HCR from 2425-2500 range.
Neckties are noted at 2615.
STRAITS TIMES INDEXThe STI is still on track for a double bottom pattern. A break above 3170 would confirm it. There is a necktie at 3500.
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