Yesterday's historic drop and today's bounce. Yesterday's candle dropped below my trendlines that have been in place since the beginning of this year. A good trendline is one that can hold through many months of stock movement. Today's candle moved the markets back into the TL. I would want to wait and watch at this moment. A lot depends on the passage of the bailout plan. If this trendline breaks to the downside...then really ..I mean really lookout below.
Tuesday, September 30, 2008
S&P 500 TA chart- yesterday's (September 29) historic drop
Yesterday's historic drop and today's bounce. Yesterday's candle dropped below my trendlines that have been in place since the beginning of this year. A good trendline is one that can hold through many months of stock movement. Today's candle moved the markets back into the TL. I would want to wait and watch at this moment. A lot depends on the passage of the bailout plan. If this trendline breaks to the downside...then really ..I mean really lookout below.
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