Wednesday, October 10, 2012

EOD ~ 10 October 2012

Well, the supports held but so far we didn't get a bounce:

As shown in the chart, if 13300 is convincingly broken, a drop to 13000 is very likely in my opinion.

So far, it's only a test of the last highs though (similar to late August). So, if the Dow holds 13300, we should continue the medium-term uptrend.

A similar situation for the SPX:

The Nasdaq Composite looks actually the worst out of the three indices: we're already at the late Augst lows:

So, tomorrow should be quite interesting. We'll see if the support levels hold.