| SPX and the Strongest Dow Charts |
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| Monday, January 9, 2006 |
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Nightly Update - SPX, AXP,C,CAT,HPQ,JPM, & UTX
S&P 500 chart (SPX) - Daily chart
The SPX is in a reverse symmetrical triangle pattern. The SPX looks like it is going to try and make another attempt at the top trend line and double hit the previous highs. Should the SPX pass through 1294.90 then it would have a a parabolic up move out of the RST, and it would make new all time highs around 1330. This is a chaotic pattern-which goes parabolic and creates shock and awe. The SPX chart may look toppy, however it keeps going higher. Indicators and oscillators are bullish. Remember bulls live above 1246, yet bias remains neutral. However, be cautious here as we are very frothy. We are due for a pull back. Stay long until proven otherwise. The stocks that I mention below should propel the market higher.
American Express Co. (AXP)-Daily chart
As you can see by looking at the chart, AXP is making a new 52 week high. It is in a full blown bullish trend reversal.
Citigroup, Inc. (C) - Daily chart
The daily Citigroup chart looks very bullish. It is in an ascending triangle pattern. It is holding it's uptrend line nicely and the moving averages are just crossing over and turning upwards. The Aroon has just had a bearish cross, and all other indicators are starting to reverse and look bullish. The banking index, as previously mentioned, is very strong.
Caterpillar, Inc.(CAT)- Daily chart
The daily chart of Caterpillar illustrates that it is in an inverted head and shoulders pattern. As you can see it has been parabolic for the last 4 days. The chart looks bullish
Hewlett -Packard Co.(HPQ) - Daily chart
The daily chart of HPQ illustrates that it is in an inverted head and shoulders pattern. As you can see it has been parabolic for the last 4 days. The chart looks bullish.
J.P. Morgan Chase & CO. (JPM)- Daily chart
The daily chart shows that it has broken out of a bull flag. Once again all indicators are bullish. Price target remains in the mid forties and possibly higher.
United Technologies Inc. (UTX)
On the Daily chart UTX is just ending it's pullback, and is now reversing upwards. Stochastics look bullish and are turning upwards, the PPO looks like it will follow.
$SPX--FOLLOWED BY THE 6 STRONGEST LOOKING DOW STOCK CHARTS (NOT ANNOTATED BUT WORTH WATCHING)
AXP
C
CAT
HPQ
JPM
UTX
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