PRICE AND TURNOVER
Close: 3,241.13
Change: Daily +17.93(+0.56%), Weekly -52.95 (-1.6%)
Value: 1,191,067,000
MARKET BREADTH (NYSE)
Net adv/dec issues: +12
Net up/dn volume: +121,518,310
Net foreign buying: -75,693,401
TECHNICALS
Trend: Undefined major trend, intermediate downtrend, short term downtrend
Momentum: Accelerating intermediate downtrend
Support and resistance: 2,900 / 3,300
OUTLOOK
The major trend moves sideways between 3,900 and 2,900 in the weekly chart, while the intermediate and short term time frames continue to trend downward. The historical resistance in 22Jan2008 steepens the slope of the intermediate trend illustrating that the downtrend is gaining momentum. A trend is valid until proven otherwise so I think that it is reasonable to expect the index to continue heading downward for the meantime and likely retest the 2,900 prior reaction low.
Close: 3,241.13
Change: Daily +17.93(+0.56%), Weekly -52.95 (-1.6%)
Value: 1,191,067,000
MARKET BREADTH (NYSE)
Net adv/dec issues: +12
Net up/dn volume: +121,518,310
Net foreign buying: -75,693,401
TECHNICALS
Trend: Undefined major trend, intermediate downtrend, short term downtrend
Momentum: Accelerating intermediate downtrend
Support and resistance: 2,900 / 3,300
OUTLOOK
The major trend moves sideways between 3,900 and 2,900 in the weekly chart, while the intermediate and short term time frames continue to trend downward. The historical resistance in 22Jan2008 steepens the slope of the intermediate trend illustrating that the downtrend is gaining momentum. A trend is valid until proven otherwise so I think that it is reasonable to expect the index to continue heading downward for the meantime and likely retest the 2,900 prior reaction low.
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