Stock Market Today - DOW Plunges Again
Last time I mentioned the 'death cross' that was forming on the DOW and that had already formed on the FTSE, well today's plunge brought it ever closer - see here for definition of a death cross.
Investors jumped out of the U.S. stock market today, the S&P 500 fell to an almost 8-month low in a sell-off caused by worries over the global economic outlook. The S&P 500 broke through 1,040.78 a key technical resistance level.
The Dow fell 268 points, to close at 9,870.30. The S&P fell 33 points to close unofficially 1,041.24. The Nasdaq Composite fell 85.47 points to end at 2,135.18.
The S&P 500 is testing significant levels for stock chart analysts.
Dan Wantrobski, of Director of technical research at Janney Montgomery Scott LLC said “The S&P can break below 1,040 and go on to test the 1,000 zone. That would be a 38.2 percent retracement of the cyclical bull run off the March 2009 bottom to the recent April 2010 highs.”
Death Cross in place on FTSE
Death cross not quite there yet on the DOW - but as someone pointed out, the rate of decline of the 50 day moving average makes it inevitable that the two moving averages will cross.
So, unless you have to be long these markets I see no reason to get long, unless of course you are a contrarian gambler.
Home : Online Stock Trading