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.
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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