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, October 16, 2008

DJIA 10/15/08

MARKET BREADTH NYSE
Net Advancing Issues -2744
Net New Highs -239
Net Up Volume -1,831,645,572

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 | Directional wave | Prior support 7882 | Prior resistance 9794

CHART WATCH
Next critical area is the 7882 support level. For now, it is likely to give way to a new downleg. We'll just have to wait and see what happens. All timeframes continue to trend down.

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