Dow 08/08/01

ChartMan

Legendary member
5,580 46
You heard it here first...The dow tanked to 290 today after a brief rally to 470....The trend break was short lived , to say the least...:(
BUT can we learn any lessons here? I notice that the dive occured at a "crossroads".
This is where the horizontal support line at 430, was crossed by the upper downtrend resistance line. Is this one to watch for in the future?Has it occured in the past on EOD data?
I suppose the lesson here is not to play when the action is clearly around support/resistance, where there is an obious chance of a breakout in either direction.I for one got caught for - 40 pts.
 

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