Monday, July 21, 2008
S&P 500 Weekly View
Attached is a chart that shows how bearish I feel this market really is. The horizontal red line is wear the market bottomed after the dot-com bubble. With the current fundamental and technical breakdown occurring in the market right now, it should be attracted to that low like a magnet. That low sits at around 769. That's about another 500 S&P points, or 39%, lower from current levels (1260).