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The market is definitely in the down trending bearish market. I am sure no one will disagree with that. Indeed, there are lots of people losing lots of money in the bear market, however, do you know that you can also make a profit in the bear market as well?

I am now working on some back testing in order to develop a trading system for myself. I am indeed surprise with some of my back testing results to give me a almost 60% Return on Investment (ROI) in during the 4 month period from Jun 1 - Oct 1, 2008.

Well, it has been a week plus since my last post on Dow Jones Industrial Average and S&P500. My last post was the Dow Jones Index and S&P500 broke the 61.8% Fibonacci level. It was extremely bearish and the market was like a snowball rolling downward.

Finally, the market has calmed down a bit and it is hovering sideway for the past 1 week, still having high volatility though.

I have just observed some special formation on Dow Jones Industrial Average, S&P500 and Nasdaq now!

We have seen that the Dow Jones broke the 61.8% Fibonacci Support 2 days ago. The market seems to continue to dive, do you think the Fibonacci theory will hold true that the US markets can indeed continue falling down till the 2002/3 low.

Well, I do not know if that will be true but I will take caution in my trading if that turns out true.

I am looking at the S&P 500 index today and it has also broken the 61.8% Fibonacci support too. Let’s take a look at the S&P500 immediate support and resistance now!

US stock market has been declined since the falling of the 2 big financial giant - Lehman and Merrill Lynch. US Congress has finally approved and give the green light to the bail out plan.

However, the market had a big fall yesterday and it was once Dow Jones dived by 700 points. That’s an unbelievable fact, but it happened.

Let’s take a look how is the Dow Jones stock market trends using technical analysis!

It is Sep 15 today, and it will be another important day to mark on the “The Stock Traders Almanac”. 2 investment giants, Lehman brothers and Merrill Lynch, will disappear from the financial world. Lehman files for bankruptcy and Merrill Lynch is sold to Bank of America.

The announcement was released today and that has lead to the massive plunging across the almost all stock markets in the world.

Let’s look at the critical support of US markets indices now!

Following the part 1 of bearish outlook on US markets - Part 1 - Dow Jones, we shall now look at the part 2 on Nasdaq after hitting the stubborn resistance last week.

Similarly to our earlier post on Dow Jones, we shall now analyse Nasdaq on both daily and weekly chart.

Let’s get started!

I was watching the on the 3 US market indices hitting stubborn resistance last week and I was very cautious that market can turn downward anytime. Indeed, uncle Dow Jones took a big diving and formed a dark big candle. Nasdaq was hitting 200d MA and discontinued its earlier rally. It is now back to the same level before the rally.

It was a bleeding week last 5 days. Where do you think the market will go in the coming week?

It was like a roller coaster ride this week on US markets, bouncing up and down. It might appear to be the end of bear market and bull is bring the market up. However, the other some news hit and it come back down again.

The up and down was responding to some news release this week. There was one day positive news and another bad news, that explains the up and down roller coaster ride.

Let’s look ahead on the upcoming stock market trends on Dow Jones, S&P500 and Nasdaq!