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Strategies & Market Trends : John Pitera's Market Laboratory

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From: zigzagman	1/20/2009 5:56:01 PM
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Here's a quick look at the Dow daily chart ~ That doesn't have any Technical Indicators on it...I'll take some time and work up the "full" analysis later tonight...But, I can guarantee that it's not going to be pretty for the Bulls...What I'll look for the most is where the RSI and Stochastics are at on the daily chart... It basically shows a major breakdown of ALL levels of support on an intraday and a closing basis... Today the Dow closed below 7995.13 which was the intraday low set last Thursday... Today's close was the lowest close for the Dow in over TWO MONTHS!... More importantly, it took out the intraday support level from 11/13/08 at 7965.42 Today's intraday low was 7940.01 So, in essence...There are ZERO levels of support on an intraday or a closing basis left...The next support levels are from 11/20-21/08 at 7506.97 and 7449.38 One good piece of good news came from IBM after today's close...They beat the Street on their Q4 numbers...I missed some of the CNBC segment on it, but will research this more...

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