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Thursday, March 06, 2008

Bob Brinker Test Of Low Conditions Met

Today the S&P500 closed at a marginal new low on lower volume than the last time it was near this level on January 22. Thus it meets Bob Brinker's conditions for a successful test of the prior low.

Click the charts courtesy of stockcharts.com to see them in full size.

Intraday Charts (Candlestick Chart)


Closing Basis (Dots)

Only time will tell now if this is a good indicator.

Correction Statistics for 03/06/08

S&P 500 Charts (Using Intraday prices):
Last Market High 10/11/08 at 1,576.09
Last Market low 01/23/08 at 1,270.05
Current S&P500 Price 1,304.34
Decline in Pts 271.75
Decline in % 17.2%
Max Decline 19.4%
This means the correction from intraday high to intraday low is 19.4% and we are currently 17.2% off the peak.
The decline from the high to the low on a closing basis is 16.7%
.
More DJIA Charts (Using Intraday prices):
Last Market High 10/11/08 at 14,279.96
Last Market Low 01/22/08 at 11,508.74
Current DJIA Price 12,040.39
Decline in Pts 2239.57
Decline in % 15.7%
Max Decline 19.4%
This means the correction from high to low has been 19.4% and we are currently 15.7% off the peak.
The decline off the high on a closing basis has been 18.7%

More NASDAQ Charts (Using Intraday prices):
Last Market High 10/31/07 at 2,861.51
Last Market Low 01/23/08 at 2,202.54
Current NASDAQ Price 2,220.50
Decline in Pts 641.01
Decline in % 22.4%
Max Decline 23.0%
This means the correction from high to low has been 23.0% and we are currently 22.4% off the peak.
The decline off the high on a closing basis has been 22.3%



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