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, October 3, 2008

DJIA 10/2/08

MARKET BREADTH NYSE
Net Advancing Issues -2382
Net New Highs -618
Net Up Volume -227,618,084

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 10365 | Prior resistance 11500

CHART WATCH
The Dow appears headed to test the multiyear low of 10365. The downtrend is gaining momentum. Sell on rallies.

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