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, February 2, 2008

DJIA 2/1/08, WEEKLY MARKET REVIEW

PRICE AND TURNOVER

  • Close: 12,743.19
  • Change: +92.83 +0.73% (daily) +536.02 +4.39% (weekly)
  • Volume: 954,562,880
MARKET BREADTH (NYSE)
  • Net adv/dec issues: +1,992
  • Net new highs/lows: -8
  • Net up/dn volume: +3,210,411,284

TECHNICALS

Major trend remains sideways, intermediate downtrend, near term uptrend. This week's rally made good the reversal signal that appeared on the previous weekly chart as i pointed out in last week's review (1/25/08). So far the index has regained over 50% of the last decline and the Dow may be facing resistance at the 12800/13000 range before possibly resuming the downtrend.

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