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 9, 2008

DJIA 10/8/08 - REVISITS 5 YEAR LOWS

MARKET BREADTH NYSE
Net Advancing Issues -1874
Net New Highs -2028
Net Up Volume 1,336,253,243

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 price action goes parabolic and reaches oversold levels presenting the likelihood of a near term snapback. The stock average is now at its 5 year lows.

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