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Sunday, October 26, 2008 6:35:54 PM
Similarity to July 2002 bottom? Is the bottom forming now like that from July 2002? A retest of the recent bottom has already failed on the NASDAQ but the S&P 500 and Industrials may be testing recent lows soon:
2001 Nasdaq versus the VIX:
NASDAQ now with new lines of support and resistance:
S&P 500 now with new lines of support and resistance:
Industrials now with new lines of support and resistance:
Any double bottom that might form now will likely be too quick to be meaningful. That means unless we get a much more severe break downward soon that whatever bottom forms here will likely be taken out in 2009.
As always JMHO, RtS
2001 Nasdaq versus the VIX:
NASDAQ now with new lines of support and resistance:
S&P 500 now with new lines of support and resistance:
Industrials now with new lines of support and resistance:
Any double bottom that might form now will likely be too quick to be meaningful. That means unless we get a much more severe break downward soon that whatever bottom forms here will likely be taken out in 2009.
As always JMHO, RtS
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