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).

Friday, July 18, 2008

DJIA 7/17/08

MARKET BREADTH NYSE
Net Advancing Issues 1,580
Net New Highs -114
Net Up Volume -965,581,942

TRENDS
*PRIMARY DOWNTREND | Directional wave | Prior support 10683 | Prior resistance 13136
*INTERMEDIATE DOWNTREND | Directional wave | Prior support NA | Prior resistance 13136
*SHORT TERM DOWNTREND | Corrective wave | Prior support NA | Prior resistance 12320

TECHNICAL ANALYSIS
The potential rally which we called yesterday materializes manifested by today's higher move. There is no evidence to suggest that this is anything more than a technical correction. We are constrained by technical rules to assume that it will resume its descent at or near trendline resistance.

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