The major indices have recovered quite nicely over the past few weeks, and it looks like the bulls may not be spent yet... Several of the majors are showing bull flags or bull pennants that call for some more upside in the week or two to follow.

S&P-500

S&P-500 Large Caps: Bull Pennant

SPX broke out of a bull pennant last week. The run up into the pattern measured 40 points. Therefore, given that the breakout level was 1125, a target of 1165 is derived from the pattern, if the pennant is legitimate.

S&P-100

S&P-4100 Index: Bull Pennant

OEX broke out of a bull pennant, last week, as well. Using "flying-at-half-mast" rules, a target of 530 is derived, assuming that the pattern remains legitimate.

Nasdaq-100

Nasdaq-100: Bull Flag

NDX, for its part, broke out of a bull flag, last week. The run up into the pattern measured 80 points, which projected from the breakout point, leaves a target of 1940, over the coming week or two.

Nasdaq Composite

Nasdaq Composite: Bull Flag

COMP also broke out of a bull flag, last week. Assuming the pattern continues to be legitimate, it calls for a move to around the 2380-mark, by mid- to late-March.