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).

Friday, May 2, 2008

DJIA 5/1/08 STOCK MARKET TECHNICAL ANALYSIS

PRICE AND TURNOVER
Close: 13,010.00
Change: +189.87 (+1.48%)
Volume: 727.2M

MARKET BREADTH
Net Adv Issues: +1370
Net New Highs: -5
Net Up Volume: +2,319,588.098

TECHNICAL ANALYSIS
Major consolidation * Intermediate downtrend * Short term uptrend * Support 11700 * Resistance 13780 * Penetrating close above the intermediate trendline * Today's break of the intermediate trendline is an early signal of a potential trend change * For now, the advancing short term trend appears poised to prevail over the bigger declining trend.

STOCK MARKET HEADLINES
AP|Stocks rise and Dow crosses 13,000 as dollar advances|Thursday May 1, 6:21 pm ET
AP|Exxon Mobil 1Q profit up 17 pct|Thursday May 1, 5:33 pm ET
AP|Consumer spending up due to sharp price increases|Thursday May 1, 5:56 pm ET
AP|Oil prices slide as the dollar extends its gains|Thursday May 1, 4:22 pm ET

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