Friday, May 12, 2006
Daily Market Commentary
Updated Thursday, 5/11 for Friday's market
Downside Break
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Updated Thursday, 5/11 for Friday's market
| Key DOW Levels for 5/12 | |
| UP | Above 11,675 |
| DN | Below 11,425 |
Downside Break
- Dow breaks key support.
- NASDAQ and S&Peach broke below key support levels and remain vulnerable to further weakness in the near term.
Summary
While today's decisive break of 11,550 indicates a bearish shift in bias, we should remain caution until there is a definitive break below 11,425. However, considering the magnitude of today's weakness, we are likely to see a brief period of consolidation and/or retracement as the index gears up for its next decisve advance or decline.
- NASDAQ and S&Peach broke below key support levels and remain vulnerable to further weakness in the near term.
Summary
While today's decisive break of 11,550 indicates a bearish shift in bias, we should remain caution until there is a definitive break below 11,425. However, considering the magnitude of today's weakness, we are likely to see a brief period of consolidation and/or retracement as the index gears up for its next decisve advance or decline.
