Once we broke through 10700, the 7500 area is the next level of support. We'll probably get a deadcat bounce first and go down to 7500. I would expect we hold it. Good post!
Really? Those lines across charts have seemed to hold up maybe once or twice in the past, at least for a bounce if not a reversal. I mean intraday, intraweek, intramonth and intrayear. I take it you don't trade S & R : )
'Warren Buffet was right' Was thinking on same few moments ago, few years ago he warned about the 'Derivatives being the Financial WMDs' and now it seems WHOLE WORLD has gotten engulfed in the derivatives related bank busting. Buffy sure has some deep thinking insight.........no wonder he is worth billions and growing!
If these were normal times there would be strong support at about 7200 (according to your chart). There was supposed to be strong support at 10,000. The market went through that like it wasn't there. I haven't checked out too many threads here today, but I'm sure many have posted about these unprecidented days in the global economy. Personally my guess (and it's a total guess) is that there is a 10% chance of a global depression, as of today. 90% chance there won't be, if one looks at it the other way. Paulson and Bernanke are still trying hard. Let's hope for the best.