The Dow opens sharply lower but works its way up to end faintly higher by 21.16pts or 0.18%. A look at the breadth indicators betray the underlying weakness in the Dow's rally. There are more declining than advancing issues and a lot more stocks marking new lows than those marking new highs. The index remains below both downtrend lines and all the moving averages. Notwithstanding the Fed moves over the weekend and the expected rate cut tomorrow, the technicals clearly favor the odds of the downtrend continuing.
MARKET BREADTH (NYSE)
AdvDec: -2,228
NewHighsLows: -662
UpDownVol: +1,574,640,340
TECHNICAL ANALYSIS
Major consolidation * Intermediate downtrend * Short term downtrend
Support: 11,600 * Resistance 12,800
MARKET BREADTH (NYSE)
AdvDec: -2,228
NewHighsLows: -662
UpDownVol: +1,574,640,340
TECHNICAL ANALYSIS
Major consolidation * Intermediate downtrend * Short term downtrend
Support: 11,600 * Resistance 12,800
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