10.23.12 BreakDOWn on DJIA(Dow)

As I’ve said on my previous post “Please be reminded that some traders will take some profits due to the upcoming holidays like Hajj on 26th and All Saints day on Nov1. I hope that earnings expectations will not disappoint. Or else, this will be another reason of selling pressure this week.”

 

Few minutes ago, the DOW closed 243 points down, worst loss since June. Nasdaq also went down below 3000.

Breakdown on DOW – daily chart

 

Bearish Divergence – Weekly Chart

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