Friday, May 19, 2006
Daily Market Commentary
Updated Thursday, 5/18 for Friday's market
Late-Day Decline
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Updated Thursday, 5/18 for Friday's market
| Key DOW Levels for 5/19 | |
| UP | Above 11,300 |
| DN | Below 11,100 |
Late-Day Decline
- Dow breaks intraday consolidation to downside, sells off to the Close.
- NASDAQ and S&P each traded sideways throughout the session today, but ended on very bearish notes. Look for another continuation pattern to form ahead of the next key move.
Summary
The Dow broke a very tight triangle consolidation to the downside late in the day, which continues to push the index lower. If the index breaks through 11,100, much more weakness could be seen. However, watch for a possible bounce, as the index gathers its composure.
- NASDAQ and S&P each traded sideways throughout the session today, but ended on very bearish notes. Look for another continuation pattern to form ahead of the next key move.
Summary
The Dow broke a very tight triangle consolidation to the downside late in the day, which continues to push the index lower. If the index breaks through 11,100, much more weakness could be seen. However, watch for a possible bounce, as the index gathers its composure.
