OUTLOOK
The market drops a further 105 pts choosing to ignore mostly in-line and better than expected earnings announcements. [Briefing.com|Live Market Analysis]. Dow components AT&T, Du Pont, and McDonalds report quarterly results and guidance. [AP|AT&T 1Q profit up 22 percent on strong wireless growth|Tue April 22, 12:48 pm ET] , [AP|McDonald's 1Q profit rises on strong int'l sales|Tue April 22, 10:14 am ET]. Headlines on U.S. housing data and commodity prices are not a bit encouraging. [AP|Existing home sales decline as housing slump continues|Tue April 22, 12:29 pm ET] , [AP|Oil nears $120|Tue April 22, 1:56 pm ET]. Today's lower close and trading range affirm that the Dow hit a new resistance level on Fri Apr-18 at 12,900. It also ushers in a technical correction that, for now, can be reasonably expected to reverse at or near 12500 - the trendline support. Our keen interest remains on whether the momentum of the short term uptrend can wipe out the intermediate declining trend.
PRICE AND TURNOVER
Close: 12,720.23 * Change: -104.79 (-0.82%) * Volume: 612.7M
MARKET BREADTH
Net Adv Issues: -1372 * Net New Highs: -23 * Net Up Volume: -1,687,835,400
TECHNICAL ANALYSIS
Major consolidation * Intermediate downtrend * Short term uptrend * Support 12270 * Resistance 12900 * Downswing objective 12500
The market drops a further 105 pts choosing to ignore mostly in-line and better than expected earnings announcements. [Briefing.com|Live Market Analysis]. Dow components AT&T, Du Pont, and McDonalds report quarterly results and guidance. [AP|AT&T 1Q profit up 22 percent on strong wireless growth|Tue April 22, 12:48 pm ET] , [AP|McDonald's 1Q profit rises on strong int'l sales|Tue April 22, 10:14 am ET]. Headlines on U.S. housing data and commodity prices are not a bit encouraging. [AP|Existing home sales decline as housing slump continues|Tue April 22, 12:29 pm ET] , [AP|Oil nears $120|Tue April 22, 1:56 pm ET]. Today's lower close and trading range affirm that the Dow hit a new resistance level on Fri Apr-18 at 12,900. It also ushers in a technical correction that, for now, can be reasonably expected to reverse at or near 12500 - the trendline support. Our keen interest remains on whether the momentum of the short term uptrend can wipe out the intermediate declining trend.
PRICE AND TURNOVER
Close: 12,720.23 * Change: -104.79 (-0.82%) * Volume: 612.7M
MARKET BREADTH
Net Adv Issues: -1372 * Net New Highs: -23 * Net Up Volume: -1,687,835,400
TECHNICAL ANALYSIS
Major consolidation * Intermediate downtrend * Short term uptrend * Support 12270 * Resistance 12900 * Downswing objective 12500
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