1Best Market Analysis and forecasts

Markets are finding no support breaking below supports SPX 750 +/- and DOW 7200 +/-. As commented earlier with the long term analysis projections and cycles, SPX 600 breakout retest will be a LT support during this bear market into 2012.

SPX 720 +/- is a ST support even though it appears to fail to retest the Nov2008 low of 752.44 as it traded to high 777.85 and low 742.37, closing at 743.33.

Intraday 60min showing +D for a couple of days.

Markets could follow 1973-1974 recession period; however, no two recession is alike.

Recessions: 1973-1974 40% +/-, 2000-2002 40% +/-, 2007-2009 46%+/-

We are now passed the 1973-1974 40% recession sell-off as markets are now sold off 50%. The current bear market is now 16.5 month old since Oct 2007.

DOW 6000 is a longer term support with the worst case 4000 support with a relative SPX support 400.

We can better remember the last three recessions, but the 1929 case is the worst of all -- which we could see it as the Bush admin effect.

Most of informed, average investors are already out of the markets since 2007. But of course, some are trapped, but the climactic sell-off was during Oct-Nov 2008. Market market action now is low-volume discounting manipulation.


SPX long term chart ~ traded to the target of 720 +/- retest of the Oct 2002 low and Mar 1997 -- 52% sell-off from Oct 2007.