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).

Sunday, October 5, 2008

DJIA 10/3/08 WEEKLY MARKET REVIEW


MARKET BREADTH NYSE
Net Advancing Issues -1,049
Net New Highs -625
Net Up Volume 1,829,576,493

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 10365 | Prior resistance 11500

CHART WATCH
The important timeframes continue to trend down. The Dow sets another multiyear low of 10310. A near term bear market correction is not at all unlikely.

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