The indexes has broke the corridor described in my "Index Analysis" post on December 21, 2008 and they broke it by moving higher. This is one more evidence that the extremely huge volume surges in the middle of November 2008 have set very strong support level. Since November 21, 2008 the S&P 500 index has made 25% up, Nasdaq 100 indexes has recovered 24% and Dow Jones Industrial is 21%.
At the current moment my technical analysis has the same as a week ago results. Even if majority indicators show shorter-term oversold indexes, they are still Bullish. The real attention on my opinion should be paid to the high MVO from December 30, 2008 until January 2, 2009. This high volume may push indexes down, however I would not expect to see it until I see a few sessions of flat market. Furthermore, I would say that my technical analysis is Bullish and I would expect to see some more up and flat market. However, taking into consideration high MVO It could be smart choice to tighter trailing stop.
Again, I repeat what I already stated hundreds times. This is my technical analysis and as any human I could be wrong. I can only give one advice - find nice chart and sharpen your skills.