Tuesday, July 18, 2006
Daily Market Commentary
Updated Monday, 7/17 for Tuesday's market
Consolidation
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Updated Monday, 7/17 for Tuesday's market
| Key DOW Levels for 7/18 | |
| UP | Above 10,900 |
| DN | Below 10,690 |
Consolidation
- Dow holds near support area. The index spent the remainder of the session in tight consolidation and closed with negligible 8 point gain.
- The S&P and NASDAQ both traded in relative inactive fashion. Likewise, both indexes have established tight consolidation patterns and are trading near crucial support levels.
Summary
Considering the magnitude of recent losses, today's short-term consolidation was not unexpected. For Tuesday’s session we will continue to focus on the support near 10,700 for an early indication of bias. However, we may see a continued consolidation and/or retracement in the near=term as the index gears up for next decisive break.
- The S&P and NASDAQ both traded in relative inactive fashion. Likewise, both indexes have established tight consolidation patterns and are trading near crucial support levels.
Summary
Considering the magnitude of recent losses, today's short-term consolidation was not unexpected. For Tuesday’s session we will continue to focus on the support near 10,700 for an early indication of bias. However, we may see a continued consolidation and/or retracement in the near=term as the index gears up for next decisive break.
