- Close: 3,294.08
- Change: Up28.08pts/0.9%(daily), Up56.67pts/+1.8%(weekly)
- Value turnover: 7,852,790,000(daily) 21,974,463,000(weekly)
- Net adv/dec issues: Up57(daily), Dn102(weekly)
- Net up/dn volume: Up1,687,044,950(daily) Dn886,024,980(weekly)
- NFB: +146,040,646(daily) +121,838,165(weekly)
TECHNICALS
The major trend unfolds into a trading range between 3000 and 3800 from Jul07 to Jan08, while the intermediate downtrend remains in effect. In the near term, the previous week's short term selling climax that appeared in the weekly chart is successful in predicting a correction rally that appears this week (see last week's post 1/25/08). During the last 2 days, the broad market indicators begin to move in synch with the short term upswing. The recent 2 week rally takes back more than half of the last decline and the index is now looking to find resistance in the 3400 to 3500 level before starting a new downleg. The next critical level to watch out for is 3500. Odds are in favor that this level will hold back the advance but an off chance break above this area should make us take a closer look for further signs that the intermediate trend may be changing.
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