PRICE AND TURNOVER
Close 12,307.35
Change 165.77 (1.37%)
Volume 846.9M
MARKET BREADTH NYSE
Net Advancing Issues +1534
Net New High -117
Net Up Volume +2,394,880,104
TRENDS
*PROVISIONAL PRIMARY DOWNTREND | Directional wave | Prior support 11634 | Prior resistance 13136
*INTERMEDIATE DOWNTREND | Broken trendline | Directional wave | Prior Support 11731 | Resistance 13136
*SHORT TERM PROVISIONAL DOWNTREND | Directional wave | Prior support 12076 | Resistance 12610
TECHNICAL ANALYSIS
The inverted hammer which we called attention to yesterday lives up to its name when it is confirmed by today's higher close and higher intraday range. This means the Dow has found buying support at 12076 and could be in the early stage of a correction rally. It is not unreasonable to expect the index to retrace until around 12400 before resuming the downtrend.
Close 12,307.35
Change 165.77 (1.37%)
Volume 846.9M
MARKET BREADTH NYSE
Net Advancing Issues +1534
Net New High -117
Net Up Volume +2,394,880,104
TRENDS
*PROVISIONAL PRIMARY DOWNTREND | Directional wave | Prior support 11634 | Prior resistance 13136
*INTERMEDIATE DOWNTREND | Broken trendline | Directional wave | Prior Support 11731 | Resistance 13136
*SHORT TERM PROVISIONAL DOWNTREND | Directional wave | Prior support 12076 | Resistance 12610
TECHNICAL ANALYSIS
The inverted hammer which we called attention to yesterday lives up to its name when it is confirmed by today's higher close and higher intraday range. This means the Dow has found buying support at 12076 and could be in the early stage of a correction rally. It is not unreasonable to expect the index to retrace until around 12400 before resuming the downtrend.
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