Monday, July 17, 2006
Daily Market Commentary
Updated Friday, 7/14 for Monday's market
Downtrend Continues
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Updated Friday, 7/14 for Monday's market
| Key DOW Levels for 7/17 | |
| UP | Above 10,900 |
| DN | Below 10,690 |
Downtrend Continues
- Dow trading in close proximity to June lows. The index end the day with a 106 point loss to amass its third straight triple digit loss.
- The NASDAQ and S&P both continued to trade within the framework of the recently established downtrend and again closed near session lows. While the overall downtrend remains intact, the indexes did display a degree stability in late-session trading and are currently consolidating.
Summary
The Dow continued its downward slide and remains notably bearish in nature. However, the index is trading near key support. A directional break above or below this key support area will likely provided a clear means to determine future bias.
- The NASDAQ and S&P both continued to trade within the framework of the recently established downtrend and again closed near session lows. While the overall downtrend remains intact, the indexes did display a degree stability in late-session trading and are currently consolidating.
Summary
The Dow continued its downward slide and remains notably bearish in nature. However, the index is trading near key support. A directional break above or below this key support area will likely provided a clear means to determine future bias.
