PRICE AND TURNOVER
Close: 12,582.18
Change: -112.10 (-0.88%)
Volume: 247,037,696
MARKET BREADTH (NYSE)
Net adv/dec issues: -1,277
Net new highs/lows: -34
Net up/down volume: -1,600,883,324
TECHNICALS
Intermediate trend is changing, short term trend in an area pattern
Immediate Support 12,200 Resistance 12,800
OUTLOOK
Yesterday's indecision gives way to today's selling pressure with the Dow steeply lower at the open, then oscillating within a 100 point range until it settles to close at minus 112 pts. Today's relative lower range is significant in more ways than one. First, it is a possible reaction high that may be confirmed by a lower trading range in the next trading session. If this is confirmed then it is a heads up for a potential shift to a short term downswing. Second, the reaction high occurs near the 12800 resistance, implying that selling pressure remains potent at that level. Also, by failing to break above prior resistance, the index now reveals an ascending triangle pattern in the short term trend. This means that we don't get a clear message until we see the index break out of the pattern.
Close: 12,582.18
Change: -112.10 (-0.88%)
Volume: 247,037,696
MARKET BREADTH (NYSE)
Net adv/dec issues: -1,277
Net new highs/lows: -34
Net up/down volume: -1,600,883,324
TECHNICALS
Intermediate trend is changing, short term trend in an area pattern
Immediate Support 12,200 Resistance 12,800
OUTLOOK
Yesterday's indecision gives way to today's selling pressure with the Dow steeply lower at the open, then oscillating within a 100 point range until it settles to close at minus 112 pts. Today's relative lower range is significant in more ways than one. First, it is a possible reaction high that may be confirmed by a lower trading range in the next trading session. If this is confirmed then it is a heads up for a potential shift to a short term downswing. Second, the reaction high occurs near the 12800 resistance, implying that selling pressure remains potent at that level. Also, by failing to break above prior resistance, the index now reveals an ascending triangle pattern in the short term trend. This means that we don't get a clear message until we see the index break out of the pattern.
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