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).

Tuesday, September 16, 2008

DJIA 9/15/08 - BREAKS SHORT TERM SUPPORT

MARKET BREADTH NYSE
Net Advancing Issues -3,080
Net New Highs -701
Net Up Volume -3,194,417,917

TRENDS
*PRIMARY DOWNTREND | Directional wave | Prior support 10827 | Prior resistance 13136
*INTERMEDIATE DOWNTREND | Directional wave | Prior support 10827 | Prior resistance 11867
*SHORT TERM DOWNTREND | Corrective wave | Prior support 11037-BROKEN | Prior resistance 11790

CHART WATCH
The Dow breaks short term support and closes below 11000. The next critical level becomes the primary and intermediate support of 10828. A break below this important level could see the Dow potentially visit 9600 or thereabouts by November 2008.

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