Dow may test the January low of 11508 soon

Dow, which is currently resting on the horizontal support of 11700, may test its January 22nd low of 11508. Looking at the chart below, there is a good chance that this support may not hold. A break below this support could see the Dow testing the next support at 11300 or the psychological support of 11000. A break of the latter could send many equity markets in another tailspin. Let's hope that will not happen.


Chart: Dow's daily chart as at March 10, 2008 (source: Yahoo Finance)