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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
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Dots

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Thursday, November 17, 2011

Major Indices re-visit August 4th/5th levels...

Below is a 1-day 1-minute percentage comparison chart of the Dow 30, S&P 500, Nasdaq 100, and Russell 2000...the Russell index was "less weak" than its counterparts (on today's action).


Below are a series of Daily charts of these 4 indices with relevant support and resistance levels marked on them...the S&P broke and closed below a major support level of 1220 today, with an impressive move and close below near-term support of 2300 on the Nasdaq...two to watch.

Price has wandered back down to levels seen around August 4th (the day before the U.S. credit rating downgrade by Standard & Poor's) on all these indices...and, in fact, down to the August 5th levels on the Russell 2000.

This tells me that these markets have not yet resolved this downgrade issue, and they are subject to further weakness until they do, and until the bulls commit to buying on convincing volumes.