PRICE AND TURNOVER
Close: 12,182.13
Change: Daily -64.87 (-0.53%), Weekly -561.06 (-4.4%)
Volume: 3,667,914,240
MARKET BREADTH (NYSE)
Net adv/dec issues: -650
Net new highs/lows: -66
Net up/dn volume: -1,150,833,580
TECHNICALS
Trend: Undefined major trend, intermediate downtrend, short term downtrend
Momentum: Accelerating intermediate downtrend
Support and resistance: 11,600 / 13,800
OUTLOOK
The major trend remains range bound between 12,000 and 14,200 in the weekly chart, while the intermediate and short term trend continues to head downward in the daily and intraday charts. The lower peak in Feb2008 steepens the slope of the intermediate trend providing evidence that momentum is accelerating. There is no hard evidence to insinuate that the downtrend is changing so I think that it is reasonable to expect that the 11,600 support level will be challenged shortly.
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