This blog is committed to the serious study and valid understanding of technical analysis and its objective application to stock selection, risk management and execution primarily in the context of trading stocks listed in the Philippine Stock Exchange (PSE).

Thursday, May 1, 2008

DJIA 4/30/08 STOCK MARKET TECHNICAL ANALYSIS

PRICE AND TURNOVER
Close: 12,820.13
Change: -11.81 (-0.09%)
Volume: 801.7M

MARKET BREADTH
Net Adv Issues: +203
Net New Highs: +8
Net Up Volume: -392,806,691

TECHNICAL ANALYSIS
Primary consolidation * Intermediate downtrend * Short term uptrend * Support 11700 * Resistance 12800 * The near term convergence of the intermediate and short term trendlines is an area of concern.

MARKET NEWS
AP|Stocks dip with investors flummoxed over Fed|Wednesday April 30, 5:53 pm ET
AP|Fed cuts rates as economy slumps|Wednesday April 30, 8:28 pm ET
AP|Economy grows by only 0.6 percent in first quarter|Wednesday April 30, 4:53 pm ET
AP|GM loses $3.3 billion in 1Q, lowers sales outlook|Wednesday April 30, 5:12 pm ET

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