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Weekend review of DJIA, STI and HSI
Volume is an essential tool in technical analysis since in technical analysis, volume confirms price action and this was important tool for market action for the past week.For the Dow Jones, it broke the August closing support level and is now heading towards the February support level. The striking thing about the chart is that as the index action plunges down all the way, the volume increases with this action and that is confirmation of a very bearish trend.Dow Jones Industrial Average:I took a look at the weekly chart and the chart reveals quite a number of things. A trendline was drawn connecting the peaks in 2006 and this trendline was a resistive trendline which turned into a supportive trendline for 2007. This trendline support was broken this week with very heavy volume and currently it is landing on the February support. Let's see whether this support will hold.Dow Jones Industrial Average Weekly:Since the Straits Times Index has been revamped with the addition of new components and a downsizing of
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