DJIA - Tango Time

Did DJIA +ve ~500 points rally in the last hour of trade on Fri, 21Nov08, signal a technical bounce off a 7500 region support? Can't tell yet, imo. Recall, I mentioned about fake support breaches. This could well be one of those.

But, it happened, and that's what is significant. Sure, we are in a Bear trend, no denying. It's all about timing a Bearish entry, even if this appears to be a safe bet at this juncture.

That 7500 region support, is seen by everyone who practices TA. It might not be a coincident that the market players "supported" this believe, especially when the bruit for that last hour rally was that Obama selected Geitner as the next Treasury Sec...and what's that got to do with equities values anyways?

DJIA - Tango Time ? (Daily Bar Chart)