Thursday, June 01, 2006
Daily Market Commentary
Updated Wednesday, 5/31 for Thursday's market
Mid-session Weakness
Read More...
Updated Wednesday, 5/31 for Thursday's market
| Key DOW Levels for 6/1 | |
| UP | Above 11,300 |
| DN | Below 11,080 |
Mid-session Weakness
- Dow opens session strongly, but fails to retain bullish momentum.
- Despite today's volatility, the NASDAQ and S&P each managed to achieve solid gains. Like the Dow, it appears that both the S&P and NASDAQ are establishing short-term consolidation patterns. We will monitor these boundaries in anticipation of a trend defining break.
Summary
For Thursday’s session, we will remain vigilant to intraday activity near the boundaries of the narrowing consolidation pattern seen in the 15 and 60 minute charts. A definitive break above or below the noted boundaries will likely provided early indication for a medium term directional bias.
- Despite today's volatility, the NASDAQ and S&P each managed to achieve solid gains. Like the Dow, it appears that both the S&P and NASDAQ are establishing short-term consolidation patterns. We will monitor these boundaries in anticipation of a trend defining break.
Summary
For Thursday’s session, we will remain vigilant to intraday activity near the boundaries of the narrowing consolidation pattern seen in the 15 and 60 minute charts. A definitive break above or below the noted boundaries will likely provided early indication for a medium term directional bias.
