Wednesday, July 12, 2006
Daily Market Commentary
Updated uesday, 7/11 for Wednesday's market
Late-Day Rally
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Updated uesday, 7/11 for Wednesday's market
| Key DOW Levels for 7/12 | |
| UP | Above 11,200 |
| DN | Below 11,025 |
Late-Day Rally
- The Dow opened the session with a highly bearish tone this morning and pushed directly to the clear lower trend line from the 60 Minute Chart. The index bounced around at 11,050 and eventually got a sharp upside reveral from the lower trend line en route to a solid 100 point rally from lows.
- The NASDAQ and S&P closed the day strongly and could be headed much higher, especially if the bullish consolidation in the S&P is solidly broken. Watch this range closely.
Summary
The Dow closed the day at the highs of the session after bouncing sharply higher from the key lower trend line at 11,050. The index will likely get another swing higher within the current uptrend back toward the 11,300 zone. If 11,300 is solidly crossed, big strength could be seen.
- The NASDAQ and S&P closed the day strongly and could be headed much higher, especially if the bullish consolidation in the S&P is solidly broken. Watch this range closely.
Summary
The Dow closed the day at the highs of the session after bouncing sharply higher from the key lower trend line at 11,050. The index will likely get another swing higher within the current uptrend back toward the 11,300 zone. If 11,300 is solidly crossed, big strength could be seen.
