The Dow is poised to close below 13,000 today for the first time since April. It took about 3 months to get from 13,000 to 14,000 – and it looks like it’s only going to take 19 trading days to get back down below 13,000.
It was only 4 weeks ago, Thursday July 19, that the Dow closed at 14,000 for the first time.
Also note that the 200 Day Moving Average is starting to come into play on the Dow (DJIA YTD Chart). It looks like it’s at about 12,840 or so.
UPDATE (Wed 8/15/07, 3:45pm EST): Check out this YTD Chart of the S&P 500 – the 200 Day Moving Average has been badly breached.
The next level I hear the technicians talking about on the S&P is the March lows around 1365.
UPDATE (Wed 8/15/07, 4:10pm EST): The Dow closed at 12,860 which looks to be right around its 200 Day Moving Average (Chart).