Looking at daily chart of Nasadq and $SPX, the recent rally came with lower volume. Also, NASI, $NYSI, $Bpcompq and $Bpspx all didn't confirm the recent rally. There's still higher chance the recent rally is forming the right shoulder of head and shoulders top pattern. But if Nasadq and $SPX break above their daily 20MA decisively, I will change my mid term view to neutral, although breaking above 20MA still can not rule of the possibility of forming right shoulder of head and shoulders top pattern for Nasdaq.
As of close of 10/6/09, my mehcancial top and bottom system has not issused a new buy signal yet. The Super Trend Trading System is still at buy signal.
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