Long term look at Dow index

11/24/08
The level last week that Dow has met is very important technically. By looking above chart, you should realize that year 98' and last bear market 02' bottom it retested several times around 7100-7400 levels. Next fib support if 7000 level is broken would be 6000. Are we getting good bounce from here?! I do not know. What if it breaks this 7100 level?! Trading is not just foresee the future. However, trading with technical view will sure increase our chance to win over long run. It helps to manage risk relative to potential reward. And to find the "entry area" of opportunity to min. risk while achieve good reward. Again, I do not say it had hit the bottom yet. However, read the technical charts do help clear people mind on how to read the current market.