1/29/2014

With a pretty low open (Dow -100 pts) and a bit of drama after the FOMC minutes, all major US indices lost over 1% as they pushed toward support dictated by the December 2013 lows.

When I look at the hourly charts, given the very bearish formation and oscillators that, frankly, look like they want to drop more.

For the wave from November 2012, the first descending fib level is at 1730 on the S&P, so I think if the lows from December are broken, that is a potential target.. RSI on the weekly charts doesn't look very tired at all.

I'm still waiting for a break below the December lows, however going for the downside at the close yesterday would have proved profitable.

Dow Jones Industrial Average Hourly Chart

Dow Jones Industrial Average Daily Chart

Dow Jones Industrial Average Weekly Chart 

S&P 500 Hourly Chart

S&P 500 Daily Chart

S&P 500 Weekly Chart