(I:DJI) Dow Jones Industrial Average

6th December 2008, 18:32pm: Let's have a look at the moo rivers as well for Dow. Weekly: Above Above 8600, it is no bear land until 9300 main bear camp and then 10000 (MA20). If you are a bear, you really don't want to be caught in a mega rally, which could come thick and fast, with shorts seeing hundred of points loss in a matter of minutes, be warned and be careful. Conservative bulls might want to buy above 8700, while more aggressive bulls might be interesting to defend 8500; 8350; 8100; but certainly not under 8100, which is the key bull camp. Monday is the key as well, a quick Sunday night drop below 8580 could possibly see a bearish week, meandering below there and 8100. On balance, I will be more aggressively bullish on ftse while taking it easy on dow, buying only near those key support levels as identified. MACD is still outside the lowerbank of the prevailing downstream moo river, oversold, perhaps, while rsi is yet to touch the upperbank in the ongoing downstream moo river.

Daily: There is triple correlated bullishness across chart, macd and rsi as well. Last week, I highlighted the possibility of a ginormouse downstream moo river, with 9300 level only as the middle point of this giant river and 10500 as the upperbank. I have also drawn a crossing moo river by linking the lows on 21 Nov and 5th Dec and P against the tops to form the crossing upstream. On that one, once we are over 8700, it is no bear's land and we go straight towards 9300. A breach of 8100 will see us much lower, e.g., 7300.

Hourly, there was that bullish engulfment on Friday, a breach of 70 hourly rsi could see a much stronger bull run. It is obvious that there is an inverted head and shoulder pattern there the world over are watching with great interest. Head: 7500; Shoulder: 8850; extension will go at least to 10200, wow, how bizarre!