This blog is committed to the serious study and valid understanding of technical analysis and its objective application to stock selection, risk management and execution primarily in the context of trading stocks listed in the Philippine Stock Exchange (PSE).

Saturday, January 26, 2008

DJIA, 1/25/08

Market stats

  • Close: 12207.17
  • Change: +1.38%(Daily) +0.89%(Weekly)
  • Volume turnover: 987M(Daily) 4557M(Weekly)

Market Breadth (NYSE)

  • Net advance/decline: -480
  • Net new highs/lows: -63
  • Net up/down volume: -2,249,228,149

Technicals

  • Undefined major trend, intermediate downtrend (accelerating), near term uptrend (slowing).
  • Prior reaction low of 11634 could potentially act as future support. Potential levels of resistance are 12700(previously broken support and 50% retracement of the Dec2007 decline), and 13100(trendline resistance),
  • The weekly chart ended with a reversal bar indicating the possibility of a bounce and a short term rally.
  • Current price advances should be intially viewed as minor corrections within an intermediate downtrend.

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