The DOW traded down 154 points on a low volume holiday shorten session on Friday.  The debt restructure issue with Dubai drove the move.  My feeling is that the move was an overreaction and trading this coming week should sort out the importance of the situation.  The index rebounded nicely off the lows of the day.  With that said, the bullish trend is running out of gas as indicated by the ADX and the low volume associated with the move.  We are essentially trading in a box.  The upside breakout level is the high from 11/23 at 10,496 and the key level to the downside is the swing low from 11/12 at 10,171.

The SPX analysis is similar to that of the DOW.  We are also in a sideways channel on decreasing volume with a target breakout level of 1114 from the high on 11/16.  The downside level to watch is the lows from 11/12 and 11/27 at 1084.  The upside trend is very tired at this point.  A turn to the downside is not far away.

The COMPQ staged a Counterattack type candle pattern after gapping down significantly at the open on Friday.  Again, the move was fundamentally driven by the Dubai situation on low volume.  It is interesting to note that the low of the day coincided with three prior gaps that acted as solid support.  The bullish trend is essentially done.  I see sideways to down from here.  If we do manage to go higher, it will be in very small increments.  There is too much overhead resistance at this point.

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