Yesterday was UGLY

7:30 a.m. EST.

Yesterday we warned readers of this blog that it was going to be an UGLY day. Today we expect to see a much more subdued market. But make no mistake about it, yesterday was a day the pros made money and the public lost money.

The sharp downward spiral yesterday clearly did a lot of technical damage to the internals of the DOW and S & P 500.

So what's today going to be like?

Here's how we see it.

The market did some serious damage to itself when it crashed through the support levels we outlined yesterday.

Here are the support levels again.

DOW: 13,400 SUPPORT
NASDAQ: 2,770 SUPPORT
S&P: 1,489 SUPPORT

In classic technical analysis, support levels once broken become future resistance levels. Rallies back to old support will be met with professional selling.

Bottom line. We now have technical target zones to the downside for the S & P index of 1,430.

If there's no strong rally today (we don't expect this to happen) and the major indexes close little changed for the day; then the day to watch is going to be Friday. If the market closes to the downside on Friday, it's a very bad sign, which would indicate more bad news over the weekend, which in turn will put pressure on the market on Monday.

The old market adage is "They slide faster than they glide".

Translated, markets fall faster than they go up.

Friday is the key.


Adam Hewison

Here's your fourth lesson



Good Wednesday to everyone! Here's your fourth lesson in "The Secrets Of
Professional Floor Traders" mini email course.

Lesson 4 - "Picturing Technical Objectives"
presented by Adam Hewison

================================================================

Have you ever heard the expression that a picture is worth a
thousand words? Well, in the market ... a picture could be worth
a million dollars!

In this lesson, I will share with you the pictures I have
looked at for over 30 years and why they still work in the
today's market.

This may just be my favorite market lesson. It is one that
can make a huge difference in your personal trading and
life. So go check it out.

Because this lesson contains three charts, it has been
posted here.

Picturing Technical Objectives


P.S. Are you a Canadian Trader or someone who's interested in 90% returns??? Watch this video:

Canadian 90% Returns

P.P.S. In lesson 5 titled "Trending with Moving
Averages." I am going to share with you everything I know
about moving averages.

It's going to get ugly today

It's 7:30 a.m. EST and the markets are nervous and jittery.

It 's not going to be an day.

U.S. Equity markets are under heavy pressure this morning before the opening.

Here are the key support levels to watch today in the major indexes.

DOW: 13,400 SUPPORT
NASDAQ: 2,770 SUPPORT
S&P: 1,489 SUPPORT


I would not be surprised to see these levels give way as early as today. If that happens watch out!!!

Investors are nervous, very nervous as todays economic news goes from bad to worse.

Stay alert and focus on the trends.

More than half a century ago, then-General Motors President Charles Wilson was quoted as having said, “What’s good for General Motors is good for the country.” That quote came to epitomize the auto giant’s arrogance. ... Fifty years later the world has changed as General Motors takes its biggest hit ever .... 38 billion dollars. OUCH!!! now that's going to leave a mark.

Adam Hewison

Is OPEC To Blame?


Adam Hewison, president of INO.com and co-creator of MarketClub goes head to head with attorney and Wall Street Journal analyst

Who is to blame for the price of crude oil...
is it the consumers or OPEC?


Excerpt from show...


Hewison: "Well let me say this, it's absolutely not OPEC's fault. I can sum this up in three words, it's demand, demand, demand. Demand from China, demand from India, and demand from the United States. We use 21 million barrels of oil everyday in this country. Half of it goes into consumer's tanks and the only way we are going to ween ourself off is probably get higher gas prices in our cards and higher millage on our cars."

Regan: "Well we've got high gas prices, I mean we've seen it... and it doesn't really have the impact you'd think."

Hewison: "No, because people have to get to work, they have to go to work. Your going to pay whatever it takes you to get to work, you're going to pay what's at the pump."

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