Bear Market anyone?

US Stock Market has breached the important support of 10,000 and fortunately close above it in the closing time.

The long black candles recently showed on Doji is signs of fear. Fear is stronger than greed. That's why the down move is faster and more devastating. Dow create lower high and almost close below 10,000 but the support is very strong there. We can see minor technical rebound on Monday but the weekly move should be continue down.

I remember the dragon fly doji was also formed on August 2007 after The fed made emergency rate for discount rate. The volume was very high at that day. On the other hand, the last Friday doji is not followed by significant fundamental news, so I think this will only be a technical rebound where speculator bought in hoping of up move in next Monday.

When dow is still below MA 50, I would say that the intermediate trend is bearish. Should sell the rally unless the higher low is formed.

GLD (Gold ETF) lower high has formed. Big institution may already taking profit from it.

UUP (Dollar ETF) uptrend has been confirmed, but the shooting star show possibility of minor down next monday.

USO (Oil ETF) lower high has formed, but the price was hold on important support. Need to close below support to confirm downtrend.

What I see is, the money flow start to move from stock market, gold, oil into dollar. Taking profit action is in the way. The market has no good news to be discounted and Obama make it worse with his plan with banks. So the market has began to discount situation that is indicated by the bad news.

The next important support is MA 200. If it is breached, then it is a bear market again.

Everyone expect V shape recovery. Before that many analisyt predict W shape recovery. So when everyone already sure the recovery will be V shape, very little trader predict W shape recovery... then market can do the opposite. Becareful.

Best regards

Snip