Here is a video chart of the Dow Jones Industrial Average. Unless you were living in a cave today or something, I’m sure you know that it was a rough day. It finished down 512 points on the day, down 4.3%. It was actually down 4.45% but who else cares for split hairs. Sure, it’s been a bad day and it’s been a bad past, like 10 days now, with that one grave day there what we had yesterday . And you know things are really bad when you see it runs up a chart like this since if we have to go back this far to find support levels. Well, It’s never really a good sign so that’s the point I wan’t to do with this video. Just kind of go over where the support levels are and where potential spots are, where the price could bounce.

I think personally that we’re gonna have to see some sort of bounce. Just based on technicals alone , there should be a bounce just based on any sort of genuine strength. I don’t know about that but when you see this. And you’ve seen it before, you’ll think there’ll be at least some sort of bounce but charts can stay over stunted, a lot longer than you normally like to see. And yes, technically it shows that this chart is way over to the down side. I never saw this day coming here, 500 points, specially after the hammer came on. Yesterday it looked like there was going to be at least some sort of a follow through bounce but definitely not the case.The hammer came on right here just got right off the map between. So there’s definitely no confirmation here of this being bottom. The other thing that hurts is simply the price closing below the 200-day moving average support levels, is the first time since well over a year that this has closed below. You certainly see the repercussion of that . I can see that the chart didn’t like the fact that the price has closed below that very important level, the moving average support level.

So, going back to the chart here. It’s like it’s never really a good thing. The day was just brutal and what I mean by that is we have kind of a support zone here, where we had this a slope right here, and then we had this previous high which was the support from way over here. And you can see that the price crashed through both of them, in the same day. Granted it’s still hovering right here on this area. But this support level right here just got wiped out off the map. This is the other reason why I think there could be potentially a bounce here in the next few days. You know how much strength will it have behind it, I don’t know about that one. But being how close we are to this previous high over here, right around the 11,450 mark . Yes, I know it closed quite a bit below but remember that these areas are like estimated zones. A bit of thin, this zone, meaning it has to be close below. But clearly here, we are beyond the support zone. So that’s very evident that we’ll pass that zone. But this one, I would still consider this as being within the zone since you’ll see a bounce right here in the area of support. But if there’s not and the chart keeps on bleeding, then the next target area , according to the chart, is going to be somewhere right down around the 10,900 mark, which is where we have a bunch of, a couple of highs right over here, resistance. And you can see the support here and then here. So, if the bleeding just keeps on gushing, then it could be a quick journey down here below 11,000. Although I personally think and hope that we’ll start to see some stabilization around here even if it’s just short term. But this chart is so over extended already that it will be hard to believe that it will just come all the way down here. But if panic sets in even more, then this can become a reality very quick.