Volume was off on the SPX, NDX, INDU, OEX, and RUT today. The market is weak and could go as low as 1160ish on my charts. SPX 1153 is 720 degrees (two full 360 degree cycles) down from the May high. Of course, it could bounce from any point. But I am getting tired of writing that.
Charts courtesy of Stockcharts.com
Post Modified: July 15th, 2008 at 11:30 pm
Tags: Dow Jones Industrial Average · Nasdaq Charts · OEX · Russell 2000 Smallcaps · Standard and Poor's 500 (S&P500) · Volume2 Comments
2 responses so far ↓
Andy - I feel like lot of people are hoping for the market to do X Y Z .. And its clearly not working. It sucks..I am not just waiting it out…It can go to 900 for all i care..
Cramer has it figured out. It is a game of chicken between the Fed/Treasury and banks. The desire is to have several fail before changing the rules and saving the rest. Banks will only “fail” if they don’t have enough reserves. The Fed can decide what is “enough” at any time. Change the rules… limited failures.