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).

Tuesday, June 10, 2008

DJIA 6/9/08 STOCK MARKET TECHNICAL ANALYSIS

PRICE AND TURNOVER
Close 12,280.32
Change 70.51 (0.58%)
Volume 795.3M

MARKET BREADTH NYSE
Net Advancing Issues -991
Net New High -102
Net Up Volume -1,371,227,991

TRENDS
*PROVISIONAL PRIMARY DOWNTREND | Directional wave | Prior support 11634 | Prior resistance 13136
*INTERMEDIATE DOWNTREND | Corrective wave | Prior Support 11731 | Resistance 13136
*SHORT TERM PROVISIONAL DOWNTREND | Directional wave | Prior support 12338 - Broken | Resistance 12726

TECHNICAL ANALYSIS
The index is currently in a provisional minor downtrend. The next area of interest is where the Dow will find resistance from here. Another lower high will confirm the short term trend.

STOCK MARKET, ECONOMY & OTHER HEADLINES
AP|Stocks finish widely mixed after Friday's sell-off|Monday June 9, 5:47 pm ET
AP|Gas pushes above $4, oil falls on Paulson comments|Monday June 9, 3:40 pm ET
Reuters|April pending home sales rise as prices tumble|Monday June 9, 11:00 am ET

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