Dow Support & Resistance

Monday, January 21, 2008 | 04:00 AM

The S&P 500 is down 11% over the past three weeks. Investors are very concerned. For some perspective on the latest stock market action, today's chart presents the current trend of the S&P 500. As today's chart illustrates, the current decline in the S&P 500 has been sharp and just resulted in a break below support (green line) of a four year uptrend.


Dow_20080118

Monday, January 21, 2008 | 04:00 AM | Permalink | Comments (34) | TrackBack (0)
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India (Bombay Sensex) might have finally topped.

Last week retail investors were literally rioting outside investment banks to buy into a new IPO by Reliance Power (their first power plant might not even be operational till 2009).

Almost on cue, theres a huge sell off in progress now (Sensex now down > 15% from its peak). CNBC dumb blondes finally look dumbstruck, and saner heads with not-so-pretty faces being called back from forced retirement to opine on the selloff.

Posted by: snoopy | Jan 21, 2008 4:12:06 AM

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