MARKET BREADTH (NYSE)
Net adv/dec issues: +537
Net new highs/lows: -177
Net up/down volume: +961,117,850
TECHNICAL ANALYSIS
Intermediate downtrend, Short term downtrend
Immediate Support: 11,600 Resistance: 12,800
OUTLOOK
The index gaps down at the open and recovers quickly to close higher at 12,145. In the short term, the Dow is at a crossroads before possibly (a) resuming an advance towards the intermediate trendline or (b) bouncing off the short term trendline to initiate a fresh downswing. Both trends are declining though, so odds are slightly in favor of (b) occuring and even if (a) does occur it is likely that the index will pullback at or near the intermediate trendline.
Net adv/dec issues: +537
Net new highs/lows: -177
Net up/down volume: +961,117,850
TECHNICAL ANALYSIS
Intermediate downtrend, Short term downtrend
Immediate Support: 11,600 Resistance: 12,800
OUTLOOK
The index gaps down at the open and recovers quickly to close higher at 12,145. In the short term, the Dow is at a crossroads before possibly (a) resuming an advance towards the intermediate trendline or (b) bouncing off the short term trendline to initiate a fresh downswing. Both trends are declining though, so odds are slightly in favor of (b) occuring and even if (a) does occur it is likely that the index will pullback at or near the intermediate trendline.
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