"This is another negative indication on top of the missing Santa Claus Rally, a down First Five Days and the Dow closing below its December closing low on January 21 triggering the December Low Indicator, " says Hirsh, who adds that the market is completing a two-year bearish "three peaks and a domed house" pattern coined by technical analyst George Lindsay.

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Rising open interest at a time of rising prices is a bullish indicator for technically oriented traders who also like to see higher volume, plus rising moving averages and closing prices, he said.

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