Tuesday, May 02, 2006
Daily Market Commentary
Updated Monday, 5/1 for Tuesday's market
Updated Monday, 5/1 for Tuesday's market
| Key DOW Levels for 5/2 | |
| UP | Above 11,425 |
| DN | Below 11,250 |
Late-Day Decline
- Dow trades sideways beneath key resistance, sells off late in the day.
- NASDAQ NASDAQ and S&P each closed quiet sessions with a big late-day sell-off, which is concerning heading into tomorrow's market. Keep an eye on support, as this level will tell us if further selling is on the horizon.
Summary
The Dow closed the day lower after failing to break above the major 11,425 resistance level. The index continues to trade within the boundaries of the clear range that has formed from 11,250 and 11,425. Look for continued range movement in this zone ahead of the next major breakout move.
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- Dow trades sideways beneath key resistance, sells off late in the day.
- NASDAQ NASDAQ and S&P each closed quiet sessions with a big late-day sell-off, which is concerning heading into tomorrow's market. Keep an eye on support, as this level will tell us if further selling is on the horizon.
Summary
The Dow closed the day lower after failing to break above the major 11,425 resistance level. The index continues to trade within the boundaries of the clear range that has formed from 11,250 and 11,425. Look for continued range movement in this zone ahead of the next major breakout move.
Read More...
