Friday, May 05, 2006
Daily Market Commentary
Updated Thursday, 5/4 for Friday's market
Winding Up...
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Updated Thursday, 5/4 for Friday's market
| Key DOW Levels for 5/5 | |
| UP | Above 11,475 |
| DN | Below 11,375 |
Winding Up...
- Dow breaks through key resistance, holds ground throughout session.
- NASDAQ got a solid upside reversal from support; as the S&P did likewise. Each index continues to hold within the boundaries of a key range, which we will continue to watch.
Summary
The Dow closed the day holding gains above key resistance at 11,425 today, which is positive heading into tomorrow's market. As long as the Dow can continue holding above the lower trend line at 11,385, continued strength should be seen. Otherwise, 11,385 could open the gates to a sizeable retracement.
- NASDAQ got a solid upside reversal from support; as the S&P did likewise. Each index continues to hold within the boundaries of a key range, which we will continue to watch.
Summary
The Dow closed the day holding gains above key resistance at 11,425 today, which is positive heading into tomorrow's market. As long as the Dow can continue holding above the lower trend line at 11,385, continued strength should be seen. Otherwise, 11,385 could open the gates to a sizeable retracement.
Read More...
