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).

Wednesday, May 14, 2008

DJIA 5/13/08 STOCK MARKET TECHNICAL ANALYSIS

*** PRICE AND TURNOVER
Close: 12,832.18
Change: -44.13 (0.34%)
Volume: 814.9M

*** MARKET BREADTH
Net Advancing Issues: +173
Net New Highs: +46
Net Up Volume: +221,234,015

*** TECHNICAL ANALYSIS
After the recent pullback, the index continues to look to 12715 as support from which to launch the next leg of the short term uptrend. * MAJOR CONSOLIDATION * INTERMEDIATE DOWNTREND * MINOR UPTREND : Corrective wave | Prior support 12250 | Provisional support 12715 | Prior resistance 13132 |

*** MARKET SUMMARY, EARNINGS REPORTS & ECONOMIC DATA
AP|Stocks mixed after retail sales report, spiking oil|Tue May 13, 4:28 pm ET
AP|Wal-Mart profit rises 6.9 pct but outlook cautious|Tue May 13, 12:25 pm ET
AP|Retail sales dip for second time in 2 months|Tue May 13, 4:38 pm ET
AP|Iran report pushes oil to new record, gas jumps above $3.73|Tue May 13, 3:44 pm ET

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