Friday, June 09, 2006
Daily Market Commentary
Updated Wednesday, 6/7 for Thursday's market
Reversal from Highs
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Updated Wednesday, 6/7 for Thursday's market
| Key DOW Levels for 6/8 | |
| UP | Above 11,100 |
| DN | Below 10,900 |
Reversal from Highs
- Dow gets steady afternoon sell-off, closes at prior lows.
- The S&P and NASDAQ each had failed rallies today, which does not offer optimism for tomorrow's market. Watch yesterday's lows for early signs of another decline.
Summary
Dow closed the day with another steep decline after first beginning the session with a nice wave of strength. The index continues to honor the neck line of the large head-and-shoulders pattern, which is the overriding pattern in this zone. Continued weakness is very likely as long as the pattern remains in tact.
- The S&P and NASDAQ each had failed rallies today, which does not offer optimism for tomorrow's market. Watch yesterday's lows for early signs of another decline.
Summary
Dow closed the day with another steep decline after first beginning the session with a nice wave of strength. The index continues to honor the neck line of the large head-and-shoulders pattern, which is the overriding pattern in this zone. Continued weakness is very likely as long as the pattern remains in tact.
