Wednesday, May 31, 2006
Daily Market Commentary
Updated Tuesday, 5/30 for Wednesday's market
Big Sell-Off
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Updated Tuesday, 5/30 for Wednesday's market
| Key DOW Levels for 5/30 | |
| UP | Above 11,300 |
| DN | Below 11,025 |
Big Sell-Off
- Dow sells off at Open, continues lower to the Close.
- NASDAQ and S&P each each sold off heavily from start to finish today. The indexes are now headed back toward key support levels that have held throughout the overall decline. A break or bounce of these levels could be huge for direction.
Summary
The Dow closed the day sharply lower from Friday's close, as the index lost a hefty 184 points. The index is headed back toward a test of the major 11,025 zone, which could be the break that leads to the next huge medium term decline. Watch this zone closely.
- NASDAQ and S&P each each sold off heavily from start to finish today. The indexes are now headed back toward key support levels that have held throughout the overall decline. A break or bounce of these levels could be huge for direction.
Summary
The Dow closed the day sharply lower from Friday's close, as the index lost a hefty 184 points. The index is headed back toward a test of the major 11,025 zone, which could be the break that leads to the next huge medium term decline. Watch this zone closely.
