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).

Sunday, August 17, 2008

DJIA 8/15/08 WEEKLY MARKET REVIEW


PRICE AND TURNOVER
Close 11,659.90 
Change 43.97 0.38%
Volume 637.7M

MARKET BREADTH NYSE
Net Advancing Issues 167
Net New Highs -42
Net Up Volume 945,654,220

TRENDS
*PRIMARY DOWNTREND | Corrective wave | Prior support 10827 | Prior resistance 13136
*INTERMEDIATE DOWNTREND | Corrective wave | Prior support 10827 | Prior resistance 13136
*SHORT TERM UPTREND | Prior support 11125 | Prior resistance 11867

CHART WATCH
The current uptrend, which I consider a temporary countertrend to the primary downtrend, is likely to encounter selling pressure at 12250 thereabouts before resuming a downward
direction.

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