OUTLOOK
The Dow manages to hold on to a big part of its gains for the week up 3.22% but ends the day on a flat note spooked by bigger than expected job losses [AP|Huge Job Losses Set Off Recession Alarms|Friday April 4, 4:42 pm ET] and record high gas prices [AP|Gas Prices Hit Record on Low Supplies|Friday April 4, 3:44 pm ET] . The primary trend has yet to show a directional tendency while the secondary downtrend has been recently interrupted by the near term uptrend. The index is within striking distance of the all important 12800 resistance but appears to be faltering for the past 3 days. A short term correction is likely before the next upswing and it will be exciting to see how the index fares at resistance. If the advance is cut down we could probably see the market head back to 11700. If 12800 defers to the advance the reversal pattern promotes a potential 1000pt move up to a price objective of 13800.
PRICE AND TURNOVER
Close: 12,609.42 * Change: TODAY -16.61 (-0.13%) WEEK +393.02 (+3.22%) * Volume: 544,950,080
MARKET BREADTH
Net Adv Issues: +358 * Net New Highs: +46 * Net Up Volume: +43,952,972
TECHNICAL ANALYSIS
Primary consolidation * Secondary downtrend interrupted * Short term uptrend * Major support 11,600-11,700 * Minor support 12,200 * Resistance 12,800 * Rounding top on the weekly chart * Potential double bottom on the daily chart
The Dow manages to hold on to a big part of its gains for the week up 3.22% but ends the day on a flat note spooked by bigger than expected job losses [AP|Huge Job Losses Set Off Recession Alarms|Friday April 4, 4:42 pm ET] and record high gas prices [AP|Gas Prices Hit Record on Low Supplies|Friday April 4, 3:44 pm ET] . The primary trend has yet to show a directional tendency while the secondary downtrend has been recently interrupted by the near term uptrend. The index is within striking distance of the all important 12800 resistance but appears to be faltering for the past 3 days. A short term correction is likely before the next upswing and it will be exciting to see how the index fares at resistance. If the advance is cut down we could probably see the market head back to 11700. If 12800 defers to the advance the reversal pattern promotes a potential 1000pt move up to a price objective of 13800.
PRICE AND TURNOVER
Close: 12,609.42 * Change: TODAY -16.61 (-0.13%) WEEK +393.02 (+3.22%) * Volume: 544,950,080
MARKET BREADTH
Net Adv Issues: +358 * Net New Highs: +46 * Net Up Volume: +43,952,972
TECHNICAL ANALYSIS
Primary consolidation * Secondary downtrend interrupted * Short term uptrend * Major support 11,600-11,700 * Minor support 12,200 * Resistance 12,800 * Rounding top on the weekly chart * Potential double bottom on the daily chart
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