Market Update Dec-17-2009 (Before the Bell)

Today could be another possible day for the breakdown. In the following e-mini NASDAQ 100 index futures chart, as of 9:10 A.M. it is touching my lower trend line. I like to see this break bellow it. I have labelled it as an ending triangle. If so, it should not have any more correctional waves to go.


Suppose if this bounce back and breaks the upper trend channel around 1,820, we will consider this to formation to be an ascending triangle. As I indicated in my previous posting, as of Dec-15th, time wise we have the same number of trading days in this bull market compared to the bear market we had in 2007-2008 period. That’s why I am expecting some major trend setting to happen close to Dec-15th.

 
In the following 5 minute chart, we can see that this trend line is not giving up that easily.