Wednesday, August 25, 2010

D-Day for the Market

What a day. The global market tanked today to the trendlines support levels which I mentioned in the previous post on major indices. Tomorrow will seem like a crucial day. Should the trendlines fail to hold, we'll need to cut losses of the previous positions we took and prepare for the worse.

A quick recap:

Hang Seng Index
Closed at 20,659. I actually wrote support level at about 20,750 so might still be ok.

Shanghai Stock Exchange
Closed at 2,777. This is hitting the short-term resistance level and I foresee it turning down.

S&P 500
Closed at 1,052. Support level 1,055.

Dow Jones Industrial
Closed at 10,040. Support level around 10,000.

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