The similarity between the current weekly chart and 2008 continues.
The index is now retracing to test support at 1220, in a similar fashion to support at 1380 in 2008. Failure of support would be a strong bear signal, but confirmation would only come if primary support at 1100 is broken.
* Target calculation: 1100 – ( 1300 – 1100 ) = 900
Is this the case when Greece goes through inorderly bankruptcy? If so still not all is lost.
US economy does not look like it is going into recession but just a slow growth with little employment pick-up. 70% of the US GDP prerecession was coming from consumer spending.
Vahe