All the gains that the market gained in yesterday’s trading session was completely given back. We are now basically at break even again from yesterday’s opening and what was initially thought as a minor pullback for the bulls. Is stating to look discouraging, at least for the next week as markets still drift lower and lower for the whole trading week.
Personally, I am not yet 100% bearish, probably around 75%. There could still be a possibility that the market could pierce through that yellowish-greenish trendline and declare a bullish victory. But if it goes down, 875 will be the super-duper key technical support level that I believe will make or break the market.
I remembered that week, about two weeks ago from today. Even I started liquidating on April 20th, 2009 as I thought we touched a key resistance point that were not yet ready to be broken given the very grim fundamentals of the economy. But the bulls fought hard and well shrugging all the bad news that even I could not believe between April 20th, 2009 and May 1st, 2009 and pierced through 875 all the way to 930.
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