the big support level most traders were focused on wasthe october 2002 low on the dow and s&p.. everone looks at the stock market bemused by the sudden uptrend 3-6 months before the economy and jobs market turn because he all know it signals a new economic recovery. the market is supposed to be a great forecaster;a forward looking mechanism. if the markets intellence and foresight holds true,is the market forecasting a depression? investors seem to think that individulas lose the most money from buying near the top;that may be true to an extent however,i can tell you.most institutions lose more money closer to the bottom. why? after taking huge losses from not following the rules of technical analysis,they load up when the mmarket drops below significant round numbers(i.e. 10,000). i ccould only imagain how many also bought in the high 8,000's and are being forced to sell,particularly hedge funds. make no mistakemtrading is much tougher in a bear market contrary to what some say. most will assert that a bear is easy,just short rallies. not really true. bear markets tend to have severe whip saws that shake almost everyone out of their trades,thats why bears are unhealthy no matter what your style of trading is. of course,good traders prosper as well but ask them to tell the truth and they will say bears are bad news;"the bad news bears". as with anyone type of market,we could reverse on the turn of a dime. just be nimble and do not fall in love with a trade.i cannot emphasize that point enough! we are now in no man's land.