PRICE AND TURNOVER
Close 10,365.45
Change -777.68 -6.98%
Volume 1.2B
MARKET BREADTH NYSE
Net Advancing Issues -3,131
Net New Highs -1056
Net Up Volume -2,679,173,196
TRENDS
*PRIMARY DOWNTREND | Directional wave | Prior support 10827-BROKEN | Prior resistance 13136
*INTERMEDIATE DOWNTREND | Directional wave | Prior support 10827-BROKEN | Prior resistance 11867
*SHORT TERM DOWNTREND | Prior support 10459-BROKEN | Prior resistance 11577
CHART WATCH
After recently breaking the primary and intermediate support of 10827, the Dow today wipes out the short term support of 10459, closing at 10365, a multiyear low that goes back close to a 3 year period. I purposely used the weekly chart today to illustrate the interaction between the different trends of important timeframes. There is no question that (1) all the trends-primary, intermediate and minor-are down, (2) The breach of the 3 year lows does not give any hint of a market bottoming, (3) The increased volatility accompanying the downside moves heightens the momentum of the declining trends. Sell on rallies.
Close 10,365.45
Change -777.68 -6.98%
Volume 1.2B
MARKET BREADTH NYSE
Net Advancing Issues -3,131
Net New Highs -1056
Net Up Volume -2,679,173,196
TRENDS
*PRIMARY DOWNTREND | Directional wave | Prior support 10827-BROKEN | Prior resistance 13136
*INTERMEDIATE DOWNTREND | Directional wave | Prior support 10827-BROKEN | Prior resistance 11867
*SHORT TERM DOWNTREND | Prior support 10459-BROKEN | Prior resistance 11577
CHART WATCH
After recently breaking the primary and intermediate support of 10827, the Dow today wipes out the short term support of 10459, closing at 10365, a multiyear low that goes back close to a 3 year period. I purposely used the weekly chart today to illustrate the interaction between the different trends of important timeframes. There is no question that (1) all the trends-primary, intermediate and minor-are down, (2) The breach of the 3 year lows does not give any hint of a market bottoming, (3) The increased volatility accompanying the downside moves heightens the momentum of the declining trends. Sell on rallies.
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