MARKET BREADTH (NYSE)
Net adv/dec issues: -2,221
Net new highs/lows: -196
Net up/down volume: -110,069,721

TECHNICALS
Trends: Major consolidation, intermediate downtrend, short term downtrend
Core Support: 12,000 Resistance 14,200
Immediate Support: 11,600 Resistance: 12,800

OUTLOOK
The Dow declines 1.60% for the day but manages to end fractionally higher by 0.48% for the week. The Dow continues its intermediate and short term descent and the support levels increase in significance. The following remain causes for concern: (a) a penetrating close below the core support of 12,000 in the weekly chart signals a potential 800 pt drop to 11,200, (b) in daily time frame, the intermediate trend shows a potential measured move to 10,750 if the index drops below 11,600.

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