While sitting and watching those wonderful gains quickly slip away, it is difficult not to wonder where the bottom might be.
Looking at the charts for the NASDAQ Composite, NASQAD 100 and the S&P 500; three dates pop out. The first appears to be a point of resistance at the highs for August 8th, the next two being support levels at the close for both October 2nd & 30th. Tracing a support line that touches these three points indicates a support level for each:
NASDAQ Composite support near 2,035
NASDAQ 100 support near 1,655
S&P 500 support near 1,035
Just for fun place a Fibonacci Time Series starting at the low of March 2009, this identifies the low near October 2nd, but even more interesting it shows the next low near February 9th; next week.
Hang on everyone, maybe it will be over soon.