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 10, 2008

DJIA 7/9/08

MARKET BREADTH NYSE
Net Advancing Issues -1,079
Net New Highs -199
Net Up Volume -3,311,639,660

TRENDS
*PRIMARY PROVISIONAL DOWNTREND | Directional wave | Prior resistance 13136
*INTERMEDIATE DOWNTREND | Directional wave | Resistance 13136
*SHORT TERM DOWNTREND | Consolidation | Resistance 12320

TECHNICAL ANALYSIS
For the past 6 days the index congests within a 200pt range that could qualify for a sideways correction. If this is the case, then a correction rally becomes less likely and a reasonable expectation is that this sideways correction will eventually break to the downside and resume the directional wave of the minor downtrend.

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