Anyone with a charting solution that spans more than six quarters and doesn't cost double what you get raped in slippage and round turns knows that basing off the 20 year low, 1000 is the mean of the market high. And it was hit so many times that if the market worked as you allude it to, and it stalls at 1000, or rather 978 to be exact, it'll never move. To reach a 1000 from here, without printing a 13 year triangle high, would require the entire system to crash. And as we all know to move those ever-typing hell hot fingers and smart ass mouths, spines and death need be harvested. Death, blood, money. In that order. 1098 was the low of the next 20 years. And it's time to make more new money gods that sell their shit and their mother's shirts off there back blowing there wad all at once. On the other hand, if you want a statement, making you clowns pay 100 dollars for a loaf of bread would in fact be a start. You don't want my solution. Trust me.
http://www.barchart.com/charts/stocks/$MMTH http://www.barchart.com/chart.php?sym=$MMTH&t=BAR&size=M&v=0&g=1&p=MO&d=X&qb=1&style=technical Look at the monthly. It isn't going to reverse overnight. But yes we are oversold on many measures. Usually when it goes this deep it takes a little time to reverse up and even then it will be sold a few times. The market is pricing itself for a double dip. The bottom has not formed yet But could very soon....
It's times like this that I realize the value of being a trader and being in cash at the end of the day. I was out of nearly everything the Thursday before the 4th of July. Now entirely in cash. I'm not a bottom picker. I did that, with poor results, in my youth. I'm over it.
The models had it at 106 when the first shoe fell, close to 104. Could you zero in to determine the exact price of the ~105 gap?
hard to tell from the image. but that's what google has (adjusted for div??) Date O H L C 1-Sep-10 106.73 108.61 106.66 108.46 31-Aug-10 104.92 105.98 104.49 105.31