DJI Analysis and Weekly Chart
This is a weekly chart of the the Dow. I use the Dow because my indicators are less chatty than they are on the S&P or NASDAQ Comp.
I drew a fibonacci retracement off the lows of last June. If this short-term correction continues we can anticipate some support at ~11800 (23.6%). That will likely coincide with a rising 100-day moving average as well. It could take a couple weeks to get there though. And keep in mind that 11,800 is just an AREA of support. Round numbers are also logical areas of support (12,000 e.g.). We have some longer wicks on these last few bars. The market is testing these lower values.
I only look at the Dow to get market direction and then I make decisions on individual stocks from there. We are a week out from March expiration. I have no plans for any adjustments yet as none of my positions are in the money.
It always comes down much, much faster than it goes up.
DJI Weekly Chart