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).

Thursday, February 7, 2008

DJIA, 2/6/08

PRICE AND TURNOVER
Close: 12,200.10
Change: -65.03 (-0.53%)
Volume: 719,929,408

MARKET BREADTH (NYSE)
Net adv/dec issues: -882
Net new highs/lows: -65
Net up/dn volume: -1,604,111,103

The Dow continues its downswing on lower volume. Buyers open the trading session taking the index higher until midday. The intraday rally proves to be shortlived when the sellers take over bringing the index to a decline and closing near the day's low. The intraday chart shows no evidence that today's downtrend is ending. On a very short term basis, the prev support of 12275 has now reversed its role as resistance.

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