Dow, S & P Reach Important Downside Targets |
http://www.marketwatch.com/news/story/dow-sp-500-approach-important/story.aspx?guid={2D3E860B-AD90-4E08-8FB1-C2AC2178560A}&dist=news
Dow, S&P reach important downside targets
Before detailing the U.S. markets’ wider view, the S&P 500’s hourly chart highlights the past three weeks.
From the Sept. 19 peak to Monday’s close, the S&P has plunged 257 points.
That’s a brutal, 20% bear market across just 12 market sessions.
In Monday’s action, the index bottomed just above the 1,000 mark before rising to close at 1,056.
Meanwhile, the Dow industrials have also been crushed.
In its case, the index has plunged 1,946 points from the Sept. 19 peak to Monday’s close, marking an ugly 17% drop across just 12 market days.
Monday’s close came in at 9,955 marking its first finish under the 10,000 level since Oct. 26, 2004.
Tags: Dow Jones Industrial Average, S&P Index, Technical Indicators