NAS is the worst performing index - falling sharply as the Apple bubble burst and the NAS is close to the 200 rising MA that could be a support. The five waves on upside are completed and we are now in the third wave on downside.
DOW and SP500 have the daily and 2 hour trends down and closed below the weekly 8 MA for the second week in a row. These indexes could stop falling because of the rising weekly 8 MA but the risk is big for further falls. The president election computers could technically hold the weekly trend sideways but big selling in Asia and Europe Monday could break the support points below.
DOW in detail: DOW was at 13.417 when Europe closed and then fell to a low of 13.309.5. Then a short correction up to 13.370 before a sharp drop down to the close at 13.340.5. Support for Monday is at 13.328.9 and 13.199.5.
It is difficult to not push the thoughts away what happened 25 years ago October 19, 1987 on a Monday. The black Monday which cut the DOW off 22 percent in 2 days. Hopefully this will not happen now.
In Europe the DAX and FTSE got the two hours trend down.
GOLD follows the main markets down and the EURO 2 hour trend is also down.
DOW and SP500 have the daily and 2 hour trends down and closed below the weekly 8 MA for the second week in a row. These indexes could stop falling because of the rising weekly 8 MA but the risk is big for further falls. The president election computers could technically hold the weekly trend sideways but big selling in Asia and Europe Monday could break the support points below.
DOW in detail: DOW was at 13.417 when Europe closed and then fell to a low of 13.309.5. Then a short correction up to 13.370 before a sharp drop down to the close at 13.340.5. Support for Monday is at 13.328.9 and 13.199.5.
It is difficult to not push the thoughts away what happened 25 years ago October 19, 1987 on a Monday. The black Monday which cut the DOW off 22 percent in 2 days. Hopefully this will not happen now.
In Europe the DAX and FTSE got the two hours trend down.
GOLD follows the main markets down and the EURO 2 hour trend is also down.
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