Well, just for starters, JJ, and non-ewave... the lower bbands aren't far, and we have usually tagged the lower ones on the indices when we cross the middle. Also, most indices 50 dma is at or just below those bands (the dow is almost identical around 9340). The Dow also has that double top from before around 9360 that might offer support. I guess shortest term I'd expect a bad morning and then a decent rebound, though I have no idea if it sticks. SOX 425 could easily come into play in the morning, too, and offer support.
The thing is, if some of these breakdowns like GENZ, AMGN, GS, etc do show followthrough, I wouldn't expect bounces here to be too strong. BUT until there's much bigger breakdowns, my assumption is that this is just a 4 of some degree... though it's certainly quite sharp so far.
the freep |
