Thursday, January 15, 2009

P&F Chart Update… New Lower Targets

Despite what looks like a reversal day, this morning’s action produced new LOWER targets on most of the indices and the NDX broke down enough to trigger a bearish target as well.

For example, the DOW had a target of 7,200 and that has adjusted down to 6,900…

Once these targets are triggered, the market may bounce, but they have to now break out higher to produce bullish targets again.

DOW:


S&P:


NDX:


RUT:


Transports:


VIX: