|Continued concerns over the tightening flow of credit in addition to renewed worries of a deeper than expected recession encouraged investors to sell stock today with the S&P 500 down 4% and the Nasdaq down 4.5% on the day. For some perspective on the current state of the stock market, today's chart presents the prevailing trend of the Nasdaq. Today's chart illustrates that the Nasdaq trades with in the confines of its one-year downtrend and is currently testing support (green line). It is worth noting that the Nasdaq is currently trading lower than where he did at the beginning of 2004.Notes:
- Where's the market headed? The answer may surprise you. Find out right now with the exclusive & Barron's recommended charts of Chart of the Day Plus.
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Quote of the Day"Trade what you observe, not what you believe." - David Nassar
Events of the DayOctober 06, 2008 - Supreme Court session begins
October 08, 2008 - Yom Kippur
October 13, 2008 - Columbus Day (observed)
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