US Markets - Dow Jones Industrial Average may find some support

The US market is the current catalyst for the sharp fall in the financial markets all around the world. News of giants collapsing spread fear to investors all around the world. They and many other experts like myself believe that the credit crisis is not over and soon the Asian markets may go through this crisis. The Dow Jones Industrial Average (DJI) extends its losses yesterday by falling another 449 points or 4%. to close at 10,609.66 points.


Monthly DJI chart as at 17 September 2008 using NextVIEW Advisor. Click on chart to view enlarged chart.

The DJI is currently near the support level of between 10,400 to 10,600 points. The levels are based on Fibonacci projection and retracement levels. Another support range is found between 9,600 to 9,700 points, should the DJI break below the current support level. We may expect some support and a rebound on the DJI at the current level.

Commentary and Analysis by Benny Lee