PRICE AND TURNOVER
Close: 12,213.80
Change: -45.10 (-0.37%)
Volume: 920,246,400
MARKET BREADTH (NYSE)
Net adv/dec issues: -1,182
Net new highs/lows: -233
Net up/down volume: -1,888,751,758
TECHNICALS
Intermediate downtrend, Short term consolidation
Immediate Support: 12,000 Resistance: 12,800
OUTLOOK
The Dow closes lower by 45 pts and on a downtick but not before dipping well below 12,100 in early afternoon trading. The index declines four days in succession and for each day sets a lower trading range. Except for the noticeably higher volume, the market remains confined in what now appears to be a developing range pattern. We continue to wait for a break outside the pattern. The short term trend is consolidating, the prior intermediate trend coming into this sideways movement is declining, therefore the odds are in favor of the near term break moving to the downside.
Close: 12,213.80
Change: -45.10 (-0.37%)
Volume: 920,246,400
MARKET BREADTH (NYSE)
Net adv/dec issues: -1,182
Net new highs/lows: -233
Net up/down volume: -1,888,751,758
TECHNICALS
Intermediate downtrend, Short term consolidation
Immediate Support: 12,000 Resistance: 12,800
OUTLOOK
The Dow closes lower by 45 pts and on a downtick but not before dipping well below 12,100 in early afternoon trading. The index declines four days in succession and for each day sets a lower trading range. Except for the noticeably higher volume, the market remains confined in what now appears to be a developing range pattern. We continue to wait for a break outside the pattern. The short term trend is consolidating, the prior intermediate trend coming into this sideways movement is declining, therefore the odds are in favor of the near term break moving to the downside.
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