Andy,I am just looking on a weekly chart and I have to tell you that it does not look great at all.
Using Fib. of 61.8 retracement,we have a target 3600.
This is also my target, where I can see a short term bottom.I think that we will be trading in that range for some time.
As you said no particular support below 3600.The next strong one is at 2900, and here
is my lowest possible value of that decline.
I think,that the most probably,we should reverse up as soon 3600 will be touch.
What is my concern...the speed of that decline, in three weeks 1439 pts!Another words,if we will not get a strong reverse from here....2900 is not so far from 3600.
I am with strong economy,low inflation,internet revolution,
but what I am afraid is the panic.So far no panic at all,
if real selling will start,it can be ugly and nobody will be
seeing good earnings,economy,etc.,but only a bubble.EXIT.
For now all indicators are pointing down and they will for some time.The only things,what can save us now are:
good economical reports this week and earnings.
If any spike will come to that market right now,the result
can be nasty. |
