The Start of Bear Market?

DOW Jones Industrial, S&P500 and NASDAQ Composite have all broken the 200D MA support. All three indices show similar chart pattern and currently traded at about 23.6% Fibonacci Retracement Level. There will be probably a short term bullish rebound from this support level before continuing the bearish down trend. Also take note that all three indices were unable to break the 50D MA resistance and turned down.

DOW JONES INDUSTRIAL

• Resistance: 20D MA and 200D MA
• Support: 10,109 (23.6% Fibonacci Retracement Level) and 10,000 (psychological support)
• Target Correction Level: 9,428 (38.2% Fibonacci Retracement Level)

SNP 500

• Resistance: 20D MA and 200D MA
• Support: 1,094 (23.6% Fibonacci Retracement Level)
• Target Correction Level: 1,014 (38.2% Fibonacci Retracement Level)

NASDAQ COMPOSITE

• Resistance: 2,322 (previous resistance in Dec 2009) and 20D MA
• Support: 2,230 (23.6% Fibonacci Retracement Level) and 200D MA
• Target Correction Level: 2,046 (38.2% Fibonacci Retracement Level)