Similar trends played out in other indices but nothing to indicate a powerful reveral.
The December 'buy' signal holds for many of the indices; the Nasdaq 100 is close to triggering one of its own:
But the Nasdaq Summation Index still has significant weekly resistance to break
Certainly last week was better than a collapse, but it will take more than one week to put a sound footing in place. The way things are looking (deep oversold conditions and a squeeze in breadth indicators) we could be in for a protracted sideways market for the bulk of 2009.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website