Monday, July 24, 2006

 
Daily Market Commentary

Updated Friday, 7/21 for Monday's
market


Key DOW Levels for 7/24

UP

Above 10,925

DN

Below 10,825


Consolidating..

- Dow extends decline, forms continuation pattern at lows. The index closed the day at the lows of the session with a 60 point loss and is now winding up for the next move.

- The NASDAQ and S&P each traded mostly sideways today after selling off in the opening minutes. Look for continued range movement until a clear and solid breakout occurs.

Summary

The Dow closed the near the lows of the session within the boundaries of a tight consolidation. This consolidation could lead to the next big test of critical support or it will make for another run at highs. Either way, this is the range to watch.

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