DOW Jones Industrial, S&P500 and NASDAQ Composite have all broken the 200D MA support. All three indices show similar chart pattern and currently traded at about 23.6% Fibonacci Retracement Level. There will be probably a short term bullish rebound from this support level before continuing the bearish down trend. Also take note that all three indices were unable to break the 50D MA resistance and turned down.
DOW JONES INDUSTRIAL
- Resistance: 20D MA and 200D MA
- Support: 10,109 (23.6% Fibonacci Retracement Level) and 10,000 (psychological support)
- Target Correction Level: 9,428 (38.2% Fibonacci Retracement Level)
SNP 500
- Resistance: 20D MA and 200D MA
- Support: 1,094 (23.6% Fibonacci Retracement Level)
- Target Correction Level: 1,014 (38.2% Fibonacci Retracement Level)
NASDAQ COMPOSITE
- Resistance: 2,322 (previous resistance in Dec 2009) and 20D MA
- Support: 2,230 (23.6% Fibonacci Retracement Level) and 200D MA
- Target Correction Level: 2,046 (38.2% Fibonacci Retracement Level)
Wow! This is scary! Better run fast!
In this current market situation, BEAR is coming soon.
With so many supportors, BEAR will win this round!
(1) PIIGS Friends!
(2) The two Korean brothers are quarelling
(3) BP is showing her riches by spilling the oil into the sea.
(4) The parents (country) have already no money but the childrens are all throwing tantrum (on strike)
(5) The financial crisis in US got lots of banks into trouble and bankcrupt, BUT how come no solid news about the European banks while the European countries are in deep trouble? Is it a cover up waiting to be exploded?
(6) European starts to worry about their job and start to cut spending….a potential start of another recession
(7) Someone will short Euro and depreciate the value more, causing import more expensive… thus reducing the spending power even more..
(8) We just need ONE country cannot afford to repay the debt and the domino effect will start.
My view may be too bearish.. Any bull out there to cheer me up? ๐
wow! if bear really come, must be happy ppl n sad ppl down there! charm liao……..never cut lost……..dan xi liao…….
Need to learn how to cut loss and buy back at even cheaper price… but not easy to do.
One thing I learn to cut loss to share with everyone.
Remove the $ sign infront of the number. Just don’t treat it as money but the share price just a number. That may change your psycology (convert money to number) to a more logical decision making.
Thank you very much for your advice! I hope I can do it in future…….thx
My pleasure, younglady! ๐
Hungary is joining the PIIGS!