This weekly chart shows an up channel that captures the market activity, to date. Back in July 2008,there was a reaction low at the 1200 area, noted by "Support Rally" on chart, extended into the future.
This past support will/may act as resistance into the future, the broken portion of that horizontal line.
There is a second reaction low, from March 2008, that does not show, but it is the higher horizontal line,
drawn for the same reason. The initial 1200 level would be the first potential resistance, using past
market activity as a guide. (more)
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