Tuesday, February 17, 2009

Stock Indices Break Below Key levels



Stocks were down today across the board which has put the odds in favor of the bears. If you look at the above chart of the NASDAQ, you will see that the Q's have broken their uptrend line which means further weakness can be expected.



The S&P has also taken out support making new lows for the year.



The Dow jones Industrials which has been the weakest of the 3 major indices is very close to testing the low from last year. Seems like the bears are in control of stocks at the moment. Let the buyer beware!

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