S&P 500 Doesn’t Look Good At This Point

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S&P 500 Doesn’t Look Good At This Point

By John Lee on October 28, 2008 | More Posts By John Lee | Author's Website

Can’t really be surprised about the last-half hour meltdown in the S&P 500 (^GSPC). This is a disaster for the market because the initial support level is now broken and October 10’s low is the absolute last level remaining. There are no more short-term support levels remaining. Technically, if you count the bodies and not the shadows, we broke down a long time ago. Doesn’t look good for the market at this point.

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