Steve,
I'm pretty impressed with David J's magnet posts over on the 56 thread. Magnets are trendlines that have special significance. They seem to be pretty reliable. He hasn't posted yet tonight, but last nights post started out with "warning shots!!!!!"
The supports he has for Wednesday under today's close on the DOW are at 9651,9546,9412,9398,9376 and 8980. I'm hoping the 9651 holds, but technically I think the trend lines that are at 9398/9380 tomorrow are the most critical ones. The DOW can go that low and still maintain a strongly uptrending trading range. Hate to see it happen though, and if it's got to go that low I sure hope it doesn't do it in one day. I get more supports between 9380 and 8980 but they're not very strong.
For the SPX he had 1267, 1248, 1223, 1191, 1162, and 1116. It'd be nice if 1267 "holds" (closed at 1262) but I won't turn bearish as long as 1248 holds. I don't want to see 1223.
Of course, that's all assuming things haven't already bottomed :-) There's lots of stuff sitting at or near support tonight that really want a chance to rebound tomorrow. MACR, SPNSF, and HMGC come to mind. Well, I see whilst I was typing this DJ posted tonights magnets. It took me quite a while to decode his shorthand, still not sure I've got it exactly right, but here's the link for whoever's interested.
206.253.217.14
FWIW...Alski |
