Which could be a substantial sell if it knocks down pass 50 and 100 day supports (currently trading just above moving averages). This could be the start of capitulating selling if more bad news comes out of the US markets, namely property (commercial) and credit defaults. Please note on graph represents the Dow Jones overlay with American Express (AXP); which is a heavily weighted stock on the Dow. If moving average supports (8,364 and 7,963) on the Dow are broken, we could see credit related stocks and retail stocks drag the Dow to March 2009 lows (6,470).
Also to note is the thin volume coming through with future declines on the QBV and sharp flow out of the market on the 20 day Money Flow Index (MFI)
(Side note: with Citigroup and GM knocked out of the Dow, could American Express be next?)
*morbius glass does not give investment advice. Trade at your own risk
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