DOW 7500

The DOW came within 6 points of tapping the 7500 level which "should" be a good area of support. The market is VERY oversold, but it has been oversold for months and yet it continues to move lower.

Technically this should be a good monthly support area, but with the current panic in the market I wouldn't be surprised if we still traded lower for a while before this area supports on the monthly chart. Notice the tails on the 1997 and 2002 candles that fell below 7500 before supporting.

DOW Monthly Chart: