tuesday's turn

I suggested at the begining of last week that we were looking at a couple of the most important trading days of the year so far. Today I think we are looking at a few more crucial days. The move on Wall Street overnight took the Dow precisely up to the beginning of the downsloping wedge that gave us the sharp move up while the S&P got close to its as well. The whole advance formed another wedge, this time an upslanting pattern. At the close an inverted hammer pattern was formed which suggests that a correction should now take place. On the surface this all looks perfect - just one thing bothering me (why can't we ever have perfection in this game) and that is the fact that the NASDAQ was weaker than the overall market. The NASDAQ has been relatively stronger than the overall market since the beinning of December and while it hasn't broken that trend, the fact that it was weaker on a crucial days just leaves a few questions for the market to answer. So we are now at the point of seeing how the market behaves over coming days to ascertain whether we have seen the low for this stage of the bear market. I still think we have but how the market behaves now is absolutely crucial. I have a minor time line on 19th followed by 28/29th. Will be watching closely how trading develops into those dates.