PRICE AND VOLUME TURNOVER
Close 8,497.31
Change -337.94 -3.82%
Volume 304,368,697
MONTHLY CHART
* TREND | PRIMARY Downtrend | Impulse wave | Trendline Resistance 12000 * PRIOR SUPPORT- RESISTANCE | 7177/ 7773-11144 * BOLLINGER BAND | Oversold | Potential snap back to 12000* MACD | Dowtrend | accelerating* MA | Declining
WEEKLY CHART
* TREND | INTERMEDIATE Downtrend | Corrective wave-Flag pattern | Trendline Resistance 11000 * PRIOR SUPPORT-RESISTANCE | 7773-12000 * BOLLINGER BAND | Oversold | Potential snap back to 10500* MACD | Downtrending * MA | Declining
DAILY CHART
* TREND | SHORT TERM ConsolidatIon | 5 week box range pattern * SUPPORT-RESISTANCE | 7773- 9924* MACD | Downtrending | Steady * MA | Downtrending* Volume action indicating an eventual break below support
MARKET OUTLOOK
The bigger primary and intermediate trends are declining. From a prior decline, the short term trend has been consolidating for the last 5 weeks testing the October 2008 lows twice. Coming off a reaction low last Thursday, and until we see the index break away from the range pattern of 7773/9924, I expect the sideways movement to continue shortly. For a indication on which direction the market likely takes if and when it exits the range, the direction of the two bigger declining trends and the expanding volume during the downlegs point south for now. Keep an eye on the very important level of 7773. SELL.
Close 8,497.31
Change -337.94 -3.82%
Volume 304,368,697
MONTHLY CHART
* TREND | PRIMARY Downtrend | Impulse wave | Trendline Resistance 12000 * PRIOR SUPPORT- RESISTANCE | 7177/ 7773-11144 * BOLLINGER BAND | Oversold | Potential snap back to 12000* MACD | Dowtrend | accelerating* MA | Declining
WEEKLY CHART
* TREND | INTERMEDIATE Downtrend | Corrective wave-Flag pattern | Trendline Resistance 11000 * PRIOR SUPPORT-RESISTANCE | 7773-12000 * BOLLINGER BAND | Oversold | Potential snap back to 10500* MACD | Downtrending * MA | Declining
DAILY CHART
* TREND | SHORT TERM ConsolidatIon | 5 week box range pattern * SUPPORT-RESISTANCE | 7773- 9924* MACD | Downtrending | Steady * MA | Downtrending* Volume action indicating an eventual break below support
MARKET OUTLOOK
The bigger primary and intermediate trends are declining. From a prior decline, the short term trend has been consolidating for the last 5 weeks testing the October 2008 lows twice. Coming off a reaction low last Thursday, and until we see the index break away from the range pattern of 7773/9924, I expect the sideways movement to continue shortly. For a indication on which direction the market likely takes if and when it exits the range, the direction of the two bigger declining trends and the expanding volume during the downlegs point south for now. Keep an eye on the very important level of 7773. SELL.
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