TECHNICAL ANALYSIS
Primary consolidation * Intermediate downtrend * Minor uptrend * Support 11700 * Resistance 13800 * Price objective 13800 * Broken intermediate trendline
The Dow closes the day up 0.37% and finishes the week ahead by 1.29%. YTD the index is down by only 1.56%. For now, the short term advance prevails over the bigger declining tendency after breaking above the intermediate trendline on May-1. This break is significant because it is a customary early signal that the intermediate trend may be changing. But before we start calling this the start of a new intermediate uptrend, let's be clear that a trend change could mean any of 3 things: (1) a change in slope but without a change in direction, (2) a change from a directional to a non-directional tendency i.e. from a downtrend to a sideways movement, and (3) a reversal of the current direction. Therefore, we should be looking for further evidence to support that a bullish reversal of the intermediate trend is indeed taking place. This means we need to see the advancing minor trend reverse downward and establish a higher low for the intermediate trend. A higher low constitutes a provisional uptrend.
PRICE AND TURNOVER
Period: EOD/TODAY * EOPW/WTD * EOPM/MTD * EOPY/YTD
Close: 13,058.20 * 12,891.86 * 12,820.13 * 13,264.82
Change: +48.20 * +166.34 * +238.07 * -206.62
Change: +0.37% * +1.29% * +1.86% * -1.56%
Volume: 643.3M
MARKET BREADTH
Net Adv Issues: +491 * Net New Highs: +22 * Net Up Volume: +735,478,898
MARKET REVIEW, EARNINGS REPORT, ECONOMIC DATA & OTHER HEADLINES
AP|Stocks give up gains from employment report|Fri May 2, 5:46 pm ET
AP|Economy shows resilience; jobless rate falls|Fri May 2, 4:42 pm ET
AP|Chevron's 1Q profit of $5.17B|Fri May 2, 5:18 pm ET
CNBC|Microsoft Raises Yahoo Bid|02 May| 06:30 PM ET
Primary consolidation * Intermediate downtrend * Minor uptrend * Support 11700 * Resistance 13800 * Price objective 13800 * Broken intermediate trendline
The Dow closes the day up 0.37% and finishes the week ahead by 1.29%. YTD the index is down by only 1.56%. For now, the short term advance prevails over the bigger declining tendency after breaking above the intermediate trendline on May-1. This break is significant because it is a customary early signal that the intermediate trend may be changing. But before we start calling this the start of a new intermediate uptrend, let's be clear that a trend change could mean any of 3 things: (1) a change in slope but without a change in direction, (2) a change from a directional to a non-directional tendency i.e. from a downtrend to a sideways movement, and (3) a reversal of the current direction. Therefore, we should be looking for further evidence to support that a bullish reversal of the intermediate trend is indeed taking place. This means we need to see the advancing minor trend reverse downward and establish a higher low for the intermediate trend. A higher low constitutes a provisional uptrend.
PRICE AND TURNOVER
Period: EOD/TODAY * EOPW/WTD * EOPM/MTD * EOPY/YTD
Close: 13,058.20 * 12,891.86 * 12,820.13 * 13,264.82
Change: +48.20 * +166.34 * +238.07 * -206.62
Change: +0.37% * +1.29% * +1.86% * -1.56%
Volume: 643.3M
MARKET BREADTH
Net Adv Issues: +491 * Net New Highs: +22 * Net Up Volume: +735,478,898
MARKET REVIEW, EARNINGS REPORT, ECONOMIC DATA & OTHER HEADLINES
AP|Stocks give up gains from employment report|Fri May 2, 5:46 pm ET
AP|Economy shows resilience; jobless rate falls|Fri May 2, 4:42 pm ET
AP|Chevron's 1Q profit of $5.17B|Fri May 2, 5:18 pm ET
CNBC|Microsoft Raises Yahoo Bid|02 May| 06:30 PM ET
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