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).

Wednesday, October 8, 2008

DJIA 10/7/08 - HITS MULTI YEAR LOWS

MARKET BREADTH NYSE
Net Advancing Issues -2609
Net New Highs -1139
Net Up Volume -2,125,076,531

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-BROKEN | Prior resistance 10882 |

CHART WATCH
The Dow's decline accelerates and is nearing oversold levels. A near term correction is not unlikely and when it occurs could potentially bring it back to 10000 thereabouts.

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