Market Update Jan-04-2009 (Before the Bell)

The last trading day of 2009, was bearish. S&P 500 (SPX) is now touching our lower trend line. If it breaks thru this, we could consider a major trend reversal. Last week it could not touch our upper trend line. As we are expecting this to be forming an ending triangle, I was looking for a bullish throw-over or touch the upper trend line (black line) with high volume or both. Neither has happened, so we better be patient and look for more confirmation.