Critical Juncture?

10/22/2008 9:08 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart

The failure of the market to rally further from last week's lows is becoming a concern as the oversold technical readings favored better gains. The hourly charts of SPY and the Dow show apparent continuation patterns with key support at the 10/16 lows. A break below this support would project a move to significant new lows.

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