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NYSE is headed straight for its 20 month moving average at 9285, which has been only tested once since 2003, and that was last year. Resistance is pretty clear at the 10 month moving average (9790). Needless to say, bulls cannot afford to let go of 9285. It's always best to pan out to the NYSE when the going gets really tough and this chart clearly shows that the bears are out on the loose. We have not seen three down months in a row since 2002.
This entry was posted
on Tuesday, January 08, 2008 at 1/08/2008 08:38:00 PM.
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