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, June 4, 2008

DJIA 6/3/08 STOCK MARKET TECHNICAL ANALYSIS

PRICE AND TURNOVER
Close 12,402.85
Change -100.97 (0.81%)
Volume 725.2M

MARKET BREADTH NYSE
Net Advancing Issues -703
Net New High -12
Net Up Volume -964,106,810

TRENDS
*PRIMARY UPTREND | Corrective wave | Prior support 11634 | Prior resistance 14030
*INTERMEDIATE DOWNTREND | Directional wave | Support 11634 | Resistance 13136
*SHORT TERM PROVISIONAL DOWNTREND | Directional wave | Support 12442 - broken today | Resistance 12726

TECHNICAL SIGNALS
May-29 Index marks a lower high. | Today Dow breaks recent 12442 support.

OUTLOOK
The recent short term uptrend has now ended with the emergence of a failure swing reversal that began to unfold on May-19.Today's break of recent support virtually guarantees a lower low. View this with the lower high made on May-29 and it constitutes a "provisional" short term downtrend. (Dow Theory Tenet # 6: A trend is assumed to be in effect until it gives definite signals that it has reversed.)

STOCK MARKET, ECONOMY & OTHER HEADLINES
AP|Stocks slide on more concerns about financials|Tue June 3, 5:42 pm ET

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