Wednesday, November 19, 2008

Too close to market bottom 2002.

After several retesting of October's low broad US indices crossed below their support. Selling pressure sent indices sharply down. And where is the next technical support? We are close to the next support line which is market bottom formed in last recession on 4th October 2002.

Lowest closing prices were following:
Dow Jones Industrial Average - 7528
S&P 500 Index - 800
Nasdaq Composite - 1139

Based on today's closing prices Nasdaq Comp is still 21% above, Dow Jones 6% and S&P 500 only 0.75%.

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