Panic Selling—What's Next?

04/28/2010 9:46 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

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Market action on Tuesday (Apr. 27) was ugly as overseas news caused a quick run to the exits. All the major averages were sharply lower, but they were still better than the overseas markets. Stocks are trying to rebound Wednesday even though news is not improving. Intermediate-term analysis is still positive with both the new highs and A/D line confirming the recent highs. First good chart and retracement support at 1152. We will be watching the first rally closely. Resistance is at 1200.

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