Tuesday, May 30, 2006
Daily Market Commentary
Updated Friday, 5/26 for Tuesday's market
Steady Advance
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Updated Friday, 5/26 for Tuesday's market
| Key DOW Levels for 5/29 | |
| UP | Above 11,300 |
| DN | Below 11,150 |
Steady Advance
- Dow opens with strength, extends gains above 11,200.
- NASDAQ and S&P each pushed slowly higher today and continue to look bullish in the near term. Continue to watch resistance to signs of an upside continuation.
Summary
The Dow closed the day near the highs of the session after breaking firmly through key resistance at 11,200. The index has reached the key 38% Retracement zone where we could see another pattern develop. Look for continued strength above 11,200 next week. If the index can continue holding above this level, we could see much more strength.
- NASDAQ and S&P each pushed slowly higher today and continue to look bullish in the near term. Continue to watch resistance to signs of an upside continuation.
Summary
The Dow closed the day near the highs of the session after breaking firmly through key resistance at 11,200. The index has reached the key 38% Retracement zone where we could see another pattern develop. Look for continued strength above 11,200 next week. If the index can continue holding above this level, we could see much more strength.
