Today’s Market Commentay Wednesday February 18, 2009

Short and Sweet

Well as you all know we had a big down day today and tested the November 08 closing low. However we still have not tested The November 08 intraday low of 7449. Remember true double bottoms will take out the prior low with volume.The SP broke 800;
Today I my indicators are looking for an oversold bounce to the upside for the morning markets.
This is the bottom fishing and possible double bottom bounce … short term.
Long term we are still in a bear market.

The DJ-30 resistance is at the 7700-7800 level now.

SP-500 resistance is now the 800 level. Also the ES November low was 741 and that is a very important level to watch.