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).

Thursday, July 3, 2008

DJIA 7/2/08

MARKET BREADTH NYSE
Net Advancing Issues -1,594
Net New Highs -345
Net Up Volume 884,207,144

TRENDS
*PRIMARY PROVISIONAL DOWNTREND | Directional wave | Prior support 11634-Broken | Prior resistance 13136
*INTERMEDIATE DOWNTREND | Directional wave | Prior Support 11731-Broken | Resistance 13136
*SHORT TERM DOWNTREND | Directional wave | Prior Support 12076 - Broken | Resistance 12320

TECHNICAL ANALYSIS
Today's lower close does not give confirmation to yesterday's ODR and candlestick hammer signal but the higher intraday range does not close the door entirely to a potential correction rally in the near term. The 3 significant trends are declining and the indicators show strong momentum.

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