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DOW Support, Oct 22nd, 2008
This is a case of it was the worst of times and it was the best of times. DOW seems to be at a major support level. Since this month is really the only month in the last year where DOW has been this low, one month is ok time frame to look for support. If this holds, this should go up a little. DOW might continue it’s slow decline but it might not happen all of a sudden such as it did recently. On the other hand, when it break thrus this support, it might really fall.
MACD and RSI seem to still be low and headed even lower. So this might present a rally some mid tomorrow. After hours, most stocks are up. MSFT is up 10%. Goog is up nicely. YHOO is up a little. T is up a little. Hopefully, DOW will bounce off of the support.