- Global Selloff From Dubai Shows Signs of Winding Down
- Dubai Stock Selloff May Bring Buying Opportunity
- Longer Lines, Fuller Carts This Black Friday
- Tiger Woods Out of Hospital After Accident
- Dubai Fallout Is a Correction, Not Another Crisis: El-Erian
- Dubai's Debt Woes Signal New Era for Creditors
- Get Paid Six Figures to Wear a T-Shirt?
- The World's Biggest Debtor Nations
- Five Tips for Buying a Foreclosed Home
- U.S. Stocks Fall on Dubai Worries
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
MOST SHARED
- Tiger Woods Out of Hospital After Accident
- The Good Entrepreneur Winner
- Get Paid Six Figures to Wear a T-Shirt?
- Dubai Spooks Investors But May Bring Buying Opportunity
- Global Selloff From Dubai Woes Shows Signs of Winding Down
- 8 Retailers that Gain During the Holidays
- Longer Lines, Fuller Carts This Black Friday
- Halftime Report: Dubai - First Ripple Of Larger Crisis?
- Some of Dubai World's Major Holdings Around Globe
- Next Week: Cash In Now Or Wait For A Santa Rally?
Text Size 
The broader stock market needs an "exhaustion" of selling before buyers can take control, but that time is close, according to charts of the S&P 500 index, independent trader Bill McLaren said Friday.
"We're probably within days" of a bottom after breaking the lows of the 2002 bear market, McLaren told "Squawk Box Europe."
The current style of trend needs "capitulation and exhaustion to end" and "we needed real panic" to shake out all the selling, he said.
A real sign of the bottom o the S&P [.SPX
Loading...
()
] will be a big consistently down day or a day with a wide range in the index that closes on the lows, McLaren said.
(Watch the full interview with Bill McLaren above).
The important levels are 710 to 720 and 650 to 660, and the S&P could hit 660 in Friday's trading, he added.
"If this market can exceed four trading days of rally the new would have completed an exhaustion," McLaren said.
For the Investor:
Pros Say: Oil Heading Toward $35 This Year
Options Action: Someone Likes Motorola (!)
China, Not So Risky After All?
Financials Stuck in Volatility Frenzy: Analyst
Three Defense Stocks for 2009
Print
Email
- These four sectors will be the next to lead the market.
- Zhu Zhu Pets are this year's must-have toy, fetching $40 or more on eBay.
- From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
- It may be the most unusual guide to business you'll read.
- Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
- "The Who" will be the halftime act for Super Bowl XLIV on Feb. 7 in Miami. Is the NFL behind the times?
Data is a real-time snapshot *Data is delayed at least 15 minutes