Dow 30 Oct 03 to Oct 07 Outlook

Recap
Dow took off running higher off the European rumors on financials in the beginning of the week. Several more false rumors were spreaded to keep Dow from dropping. At the end of the week, however, when European markets failed to hold up themselves, Dow just sold off hard on Friday to end the week.

Outlook
The whole sell off since Tuesday was pressed down off a down trendline visible on 30-minutes.

As Dow did not close below previous week close, in a sense it has performed way stronger than S&P or Nasdaq.

As long as B-1 to Y-1 is acting as support, we cannot rule out the potential of a short term bottom is in place already.