Bears has totally taken control of the market and bulls are no where to be found.  When DJIA plunged last June 26, it broke through 2 major support points 11,650 of March 17 (Line 1) and 11,508 of January 22 (Line 2) from which the bulls catapulted the index higher to keep the index from falling.

Now at 11,346, with continuous sell offs marked by huge volume, the DJIA seeks initial support at 11,250-11,280 (Line 3). Next suport would be deeper at 10,650.

Outlook:

Short Term : Down

Medium Term : Down

Long Term : Sideways to Down

Though NASDAQ has recently broken support at 2,330 level (Line 1), it does continue to perform better than DJIA.  Next support level is set at 2,202 (Line 2) and 2,155 (Line 3) thereafter.

Outlook:

Short Term : Down

Medium Term : Sideways to Down

Long Term : Sideways

Broader share index S&P 500 pierced through support level of 1,326 (Line 1) and just recently touched support level 1,270 (Line 2).  Next set of support levels would be 1,256 (Line 3) and then 1,220 (Line 4). 

Outlook:

Short Term : Down

Medium Term : Down

Long Term : Down