10/7 - Market Analysis

News:
- bernanke gave a bearish speech but no rate cut
- BAC pre-released earnings be4 short ban is lifted and numbers were way worse than expected...BAC dropped like a rock...

SPX
- broke yesterday's lows on lighter volume
- pure breakdown



SPX weekly
- looking back many years we can see that we are at a level of potential support


NDX
- broke yesterday's lows on lighter volume just like SPX, IWM, and MDY
- pure breakdown


NDX weekly
- good area of support can be seen when looking far back enough



XLF
- new 52 week lows
- sliced right through the support lines


RKH
- one of the worst performers
- got a good level of support below


UUP
- might today be the start of a reversal? i have no comment



USO
- starting to reverse in line with the dollar? hmm...wait for confirmation breakout




Analysis
- wow...what a tough tough market...just yesterday i thought that it would be a reversal day today..good thing i was waiting for confirmation first...so we basically have one more chance to hold these levels and that would be tomorrow...maybe a rate cut from the G8? hmm..dunno..but looking at the strength of selling, it looks very unlikely to bounce up big and hold these levels without big news...surprise earnings?...i dunno...for now...i'm still waiting for some charts to pullback....things falling way too fast to get involved now...