With the recession fears increasing with Friday's dismal job report, the market(QQQQ) couldn't bounce from the important 200 Day EMA. This has never happened in all of 2007. Whatever the situation in 2007, the trendline and the 200 EMA were important support areas.
At this time it is best to watch the action unroll before taking any aggressive positions. All my indicators point that some further downside present. A bounce will be probably coming later this week.
Remember this is Election year and historically the market does very well during election year.
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