Bears Maintain Control
Last week, the bears maintained control of the major averages as they produced declines across the board. Downtrends remain intact for each of the indexes. The August closing lows have been penetrated on the DJIA and RUT, while the NAZ and S&P 500 have yet to test theirs. That may mean varying degrees of correction have been seen, but no matter how you slice it, it’s still a downtrend and it commands the respect of anyone considering the long side right now.
Be sure to check out this week’s Market View page over at TheStockBandit.com before you start your trading week for a closer look at the indexes and some chart comments which were posted today (and every Sunday).
Trade well this week!
Jeff White
President, The Stock Bandit, Inc.
Swing Trading & Day Trading Service
www.TheStockBandit.com
Technorati Tags: Stock Market, Day Trading, Stock Trading, Investing, Swing Trading
About the Author: Jeff White is the founder of www.TheStockBandit.com, a nightly newsletter for active traders. He has been trading his own account for over a decade and currently trades full time in Texas.
David | Nov 25, 2007 | Reply
If there is no support at the August lows, we could continue dropping for a while.
TheStockBandit | Nov 25, 2007 | Reply
Good point David, the trend is down and we have no guarantee that those August lows will hold. Definitely a trend to be respected!