PRICE AND TURNOVER
Close: 12,216.40
Change: TODAY -86.06(-0.70%) * WTD -144.92(-1.17%) * YTD -1048.42(-7.90%)
Volume: 547,553,984
Close: 12,216.40
Change: TODAY -86.06(-0.70%) * WTD -144.92(-1.17%) * YTD -1048.42(-7.90%)
Volume: 547,553,984
MARKET BREADTH
NetAdvIssues: -1084
NetNewHighs: -37
NetUpVol: -1,879,850,444
TECHNICAL ANALYSIS
Primary consolidation * Secondary downtrend * Short term uptrend * Support 11,600-11,700 * Resistance 12,800 * Rounding top on the weekly chart * Potential double bottom on the daily chart * Short term trendline broken
OUTLOOK
The market ends 0.70% down for the day and 1.17% for the week as reports of weak consumer spending and earnings slash by JC Penney come out this Friday. The Dow opens a bit higher but soon declines steadily until the close. The market indicators show broad participation in today's sell down. Today's movement sees 2 minor signals: (a) price closes below the short term up trendline suggesting that this decline could be a reversal of the short term trend instead of a temporary correction and (b) the index is on the second day below the intermediate down trendline implying that this trend remains valid. The unfolding double bottom in the daily chart remains a source of optimism, but until we see hard evidence of its successful completion, odds favor a continuation of the current direction. I expect further selling on rallies.
The market ends 0.70% down for the day and 1.17% for the week as reports of weak consumer spending and earnings slash by JC Penney come out this Friday. The Dow opens a bit higher but soon declines steadily until the close. The market indicators show broad participation in today's sell down. Today's movement sees 2 minor signals: (a) price closes below the short term up trendline suggesting that this decline could be a reversal of the short term trend instead of a temporary correction and (b) the index is on the second day below the intermediate down trendline implying that this trend remains valid. The unfolding double bottom in the daily chart remains a source of optimism, but until we see hard evidence of its successful completion, odds favor a continuation of the current direction. I expect further selling on rallies.
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