The sell-off in Asia and the worry about the bank failure caused the stocks to continue its sell-off from the end of last week. However the major indexes slowly climbed back at the end of the week to lessen the damage. The SP 500 index closed this week at 1016, down 1.2%, the Dow Jones Industrial Average decreased 1.1%, and the Nasdaq composite index lost 0.5% for the week. It is encouraging to see the S&P 500 index still closed this week above the critical 1000 support level.
In the monthly chart of the S&P 500 index since year 1990, the index has crossed above its trend line and the Stochastics is at 47 as of 9/1/2009. Multi-year bull trend will be confirmed when the Stochastics climbs above 50.
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