Be Ready: If This Level Breaks, Dow Drops Another 500-1000 Point

The S&P 500             saw early upside today as biotechnology and Apple Inc             . shot higher. However, by mid-morning the $IBB (biotechnology ETF ) began to reverse and oil             collapsed. This left Apple             as the only big factor to a stock market that was green. Apple             has started to fall off its highs and the stock market is now negative. Uh oh....

As a smart investor, watch the trend line in the stock chart below. If the $SPY breaks this support, the Dow Jones Industrial Average             will collapse along with the rest of the market. Charts signal that a break below this level will trigger another 500-1000 point decline in the Dow. In other words, the lows from the last few days is major support and if broken, go into hiding unless you are short or in cash.

Verified Trader @
Great points. I see support was broken but saved after bullish engulfing
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