DJIA 06/26 Review
28 June 2008
PRICE AND TURNOVER
Close 11346.51
Change -106.91(-0.93%)
Volume 976,217,280
MARKET BREADTH NYSE
Net Advancing Issues -827
Net New Highs -456
Net Up Volume -3,373,874,963
TRENDS
*PRIMARY PROVISIONAL DOWNTREND | Directional wave | Prior support 11634-Broken | Prior resistance 13136
*INTERMEDIATE DOWNTREND | Directional wave | Prior Support 11731-Broken | Resistance 13136
*SHORT TERM DOWNTREND | Directional wave | Prior Support 12076 - Broken | Resistance 12320
TECHNICAL ANALYSIS
Major alarm bells sounded off this week, when the primary and intermediate support levels were breached in sweeping fashion. Trendwise, the index is marking new lows, meaning no relevant prior support levels remain which we can use to identfiy near term areas of potential buying interest. Historically though, the index is back to levels of 2006, a year when the market found major support at 10,683. The MACD shows the decline is gaining momentum.
Copyright (c) Whipsaw 2008. All rights reserved. Whipsaw Blog is open by invitation only. DISCLAIMER. Posts appearing in this blog are solely intended for the study, research, and practical application of technical analysis and do not constitute recommendations or solicitations to invest or trade in specific stock securities. The author does not guarantee the accuracy of the charts and the underlying data
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