Thursday, March 6, 2008

US stock markets at crossroads.

At the end of last week we saw technical triangle for broad US indices. Pattern was crossed down and shares are going down this week. We are approaching stronger technical support line. For S&P 500 level 1300 points was topped on May 06 and tested one month ago. Dow Jones Industrial average has tested level of 12000 points already three times. After Chinese sell-off last year, one month ago and just now. NASDAQ Composite is not as interesting from technical point of view. It gave up all gains and all 2007's resistance against credit meltdown is away. Index is well behind Chinese sell-off bottom and another resistance line could be seen at psychological level 2000 points. This level has been tested 2 times in last 3 years.

Related tickers: (DIA), (SPY), (QQQQ)


0 Responses to "US stock markets at crossroads."