Wednesday, May 03, 2006
Daily Market Commentary
Updated Tuesday, 5/2 for Wednesday's market
Updated Tuesday, 5/2 for Wednesday's market
| Key DOW Levels for 5/3 | |
| UP | Above 11,435 |
| DN | Below 11,325 |
Sharp Reversal
- Dow trades sideways beneath key resistance, sells off late in the day.
- NASDAQ and S&P each rose from yesterday's lows, as the NASDAQ continues to honor key support. Watch today's upper range for an indication of continued strength tomorrow.
Summary
The Dow closed the day at the highs of the session and continues to honor the razor sharp 11,425 resistance level. This level is the major fulcrum in the charts across timeframes that will determine major market direction. Keep a close eye on this zone.
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- Dow trades sideways beneath key resistance, sells off late in the day.
- NASDAQ and S&P each rose from yesterday's lows, as the NASDAQ continues to honor key support. Watch today's upper range for an indication of continued strength tomorrow.
Summary
The Dow closed the day at the highs of the session and continues to honor the razor sharp 11,425 resistance level. This level is the major fulcrum in the charts across timeframes that will determine major market direction. Keep a close eye on this zone.
Read More...
