Market Talk with Piranha is currently moving to its new home at chrisperruna.com. The new site is up and running but many of the posts need editing as the images and stock charts did not transfer successfully (thanks blogger). I will post all new entries to both blogs – Thank you for your patience while I make this change!

Tuesday, January 24, 2006

DOW testing Support / Resistance Line

...The DOW broke below the 10,750 support line last week on the largest weekly volume (distribution volume) since October. It is making an attempt to recover the line today but is now using the level as resistance. Looking at the chart below, you can see how the 10,750 line has been used as support and resistance numerous times since early 2004. The price relative to the S&P 500 is still sitting at multi-year lows so don’t expect this index to lead the market any time soon and don’t place your analysis in the hands of a laggard index. Continue to monitor the NH-NL ratio which finished at 273-54 last night, well below the critical 500 new highs needed for a strong rally.

Looking at my monitor at 2:30pm:
The stocks in my portfolio are showing a profit.
The majority of the stocks on the MSW Index are in the black.

Today’s MSW % gain leaders (2:30pm):
(CTRN) – Citi Trends
(VIVO) – Meridian Bioscience
(CRDN) - Ceradyne


Image enlarges to "real size".
- Piranha

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