MARKET BREADTH (NYSE)
Net adv/dec issues: -2,252
Net new highs/lows: -380
Net up/down volume: -3,413,263,218
TECHNICALS
Major consolidation, Intermediate downtrend, Short term downtrend
Immediate Support: 11,600 Resistance: 12,800
Price Objective: 11,200
OUTLOOK
The Dow falls sharply for the third consecutive day closing at 11,740. The intermediate trendline is redrawn to accomodate the recent peak that appeared at the end of Feb-2008. From there, the short term trendline is redrawn and we see a downtrend coming off a bounce from the 12,800 resistance. In the near term, we can view the lows of Feb-2008 which is around the 11,600 as a potential area of support so a congestion or a bounce at that level cannot be entirely ruled out but a short term price objective of 11,200 thereabouts continues to be likely.
Net adv/dec issues: -2,252
Net new highs/lows: -380
Net up/down volume: -3,413,263,218
TECHNICALS
Major consolidation, Intermediate downtrend, Short term downtrend
Immediate Support: 11,600 Resistance: 12,800
Price Objective: 11,200
OUTLOOK
The Dow falls sharply for the third consecutive day closing at 11,740. The intermediate trendline is redrawn to accomodate the recent peak that appeared at the end of Feb-2008. From there, the short term trendline is redrawn and we see a downtrend coming off a bounce from the 12,800 resistance. In the near term, we can view the lows of Feb-2008 which is around the 11,600 as a potential area of support so a congestion or a bounce at that level cannot be entirely ruled out but a short term price objective of 11,200 thereabouts continues to be likely.
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