Tuesday, November 11, 2008

S&P 500 threatens to violate major support

Just a heads up. I'm more interested in the 27Oct08 closing lows (S&P 848.92, DJIA 8175.77) and the 10Oct08 intraday lows (S&P 839.80, DJIA 7773.71). We're currently at 888.53 for the S&P and 8596.47 for the DJIA. From MarketWatch:
After showing recent signs of stabilization, the U.S. markets have reversed course in their typical, chaotic way.
Specifically, last week marked the first two-day, 10% correction since 1987, placing the near-term technical outlook back on dangerous footing. (The long-term backdrop's been horrible for some time -- which is almost stating the obvious.)

Before detailing the U.S. markets' wider view, the S&P 500's hourly chart highlights the past three weeks....MUCH MORE