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).

Friday, September 5, 2008

DJIA 9/4/08

MARKET BREADTH NYSE
Net Advancing Issues -2,258
Net New Highs -224
Net Up Volume -151,582,512

TRENDS
*PRIMARY DOWNTREND | Corrective wave | Prior support 10827 | Prior resistance 13136
*INTERMEDIATE DOWNTREND | Corrective wave | Prior support 10827 | Prior resistance 13136
*PROVISIONAL SHORT TERM DOWNTREND | Directional wave | Prior support 11290-Broken | Prior resistance 11790

CHART WATCH
Over the past couple of weeks, (1) Aug-18 the index breaks below the minor up trendline, (2) a failure pattern appears when the Dow peaks at 11790, (3) and today the recent support of 11290 is broken to the downside. Taking the above collectively, we can now say that the short term trend has shifted to a provisional downtrend.

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