Dow Jones had a Bearish Advance Block pattern

It was an up week for the major markets. For the week the Dow Jones Industrial Average gained 253.86 points, or 1.90%. The Standard Poor's 500 Index gained 23.52 points, or 1.59%, while the Nasdaq Composite gained 45.20 points, or 1.70%. Dow Jones Industrial Average had a bearish Advance Block candlestick pattern on Friday. This pattern often occurs during a bounce up in a downtrend and suggests that the previous rally is losing its power, and preparing for a reversal. The Basic Materials sector is the most overvalued sector followed by Conglomerates, while Industrial Metals/Mineral, Specialty Chemicals and Independent Oil Gas are among the most overvalued industries. The Financial sector is the most oversold sector followed by Technology, while Surety/Title Insurance, Semiconductor Equip/Matrl, and Regional-Pacific Banks are among the most oversold industries.

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