PRICE AND TURNOVER
Close: 12,254.99
Change: +41.19 (0.34%)
Volume: 757,661,184
MARKET BREADTH (NYSE)
Net adv/dec issues: +699
Net new highs/lows: -102
Net up/down volume: +1,083,269,858
TECHNICALS
Intermediate downtrend, Short term consolidation
Immediate Support: 12,000 Resistance: 12,800
OUTLOOK
The Dow closes 41pts higher on an uptick after choppy trading that sees the index moving within a 200 pt band. Today's higher intraday range suggests that yesterday is a bounce off prior support. A higher close and a higher trading band tomorrow should confirm this and insinuate a fresh upleg within the short term range pattern. The box pattern is validated by 2 hits off the 12,800 resistance both occuring in Feb and 2 hits off the 12,000 support yesterday and Feb-11. Until new technical evidence surfaces, it will be reasonable to expect the index to continue to move up and down in this holding pattern. There is no way of knowing for sure how long this consolidation will last.
Close: 12,254.99
Change: +41.19 (0.34%)
Volume: 757,661,184
MARKET BREADTH (NYSE)
Net adv/dec issues: +699
Net new highs/lows: -102
Net up/down volume: +1,083,269,858
TECHNICALS
Intermediate downtrend, Short term consolidation
Immediate Support: 12,000 Resistance: 12,800
OUTLOOK
The Dow closes 41pts higher on an uptick after choppy trading that sees the index moving within a 200 pt band. Today's higher intraday range suggests that yesterday is a bounce off prior support. A higher close and a higher trading band tomorrow should confirm this and insinuate a fresh upleg within the short term range pattern. The box pattern is validated by 2 hits off the 12,800 resistance both occuring in Feb and 2 hits off the 12,000 support yesterday and Feb-11. Until new technical evidence surfaces, it will be reasonable to expect the index to continue to move up and down in this holding pattern. There is no way of knowing for sure how long this consolidation will last.
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