For the short term, we are still in a channel.  However, the market’s strength in the face of ugly news is very impressive.  We ended the session on Friday with a modest gain but we formed a “Bullish Harami, Hammer”  I feel that in the next few sessions we will go higher to test the recent swing high at 9026.  I will give you midweek updates as necessary.  Pay close attention to how the market reacts at critical levels of support and resistance. 

My comments here are very much the same as the DOW.  We are going up for the for the next few sessions.  The first test will be the recent swing high at 918.  If we break that level with conviction, we will go into the end of the year with bullish sentiment.

Friday’s session was a “Piercing Line” candllestick pattern.  Look for the COMPQ to test 1603 on a bullish move this week.  If it breaks that level with gusto, we will finish the year on a bullish note.  Stay tuned for midweek updates as necessary.

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