WEEKLY MARKET UPDATE

Both the long term and intermediate term trends remain up.  This past week the market opened slightly higher than where it closed the previous week and closed slightly lower.  For you who are familiar with candlestick patterns this past week indicated indecision.  In my opinion what happens next week will be critical in determining whether the intermediate term trends remains up or shifts down.  If next week closes above 169.86 the intermediate term up trend is confirmed and a further move up is highly probable.  If the market closes below 167.52 the intermediate term trend will shift down and a move down to the lower green lines is a distinct possibility.

Have a great weekend!