Next Monday, Dow's support of about 11740 should be quite critical. This is what I see as the first support to be met soon .This is the longterm uptrend support. Mid term and short term is downtrending.
If it breaks, Dow would likely hit 22nd Jan low of 11634.82 and 23rd Jan low 11644.81, which is not far from last night closing of 11893.69. Less than 300 points. There should be a stronger support there.
It may test these supports a few times, breaks it and hit new low.
Worst scenario is that it will break and hit new low and rebound before 18th March 2008 FOMC meeting. It is not impossible, if there are more bad news coming out before 18th March.
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