Friday, July 14, 2006
Daily Market Commentary
Updated Thursday, 7/13 for Friday's market
Below 10,800
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Updated Thursday, 7/13 for Friday's market
| Key DOW Levels for 7/14 3 | |
| UP | Above 11,150 |
| DN | Below 10,800 |
Below 10,800
- Dow breaks below major lower trend line and capitulates. The index opened firmly below the major trend line, suggesting potential for continued weakness toward June lows. After a period of consolidation, the index capitulated lower and closed with a 145 point loss.
- The NASDAQ and S&P both experienced notably weakness during today's session. In similar fashion to yesterday's session, the indexes closed near intraday lows and appear to have established a clear short-term downtrend.
Summary
The Dow continued to display the bearish sentiment established during yesterday's session. While most technical indication suggest additional weakness, we should exercise a degree of caution in the near-term. Considering the magnitude of the recent decline, we could a see period of consolidation and/or upward retracement before the downtrend resumes in earnest.
- The NASDAQ and S&P both experienced notably weakness during today's session. In similar fashion to yesterday's session, the indexes closed near intraday lows and appear to have established a clear short-term downtrend.
Summary
The Dow continued to display the bearish sentiment established during yesterday's session. While most technical indication suggest additional weakness, we should exercise a degree of caution in the near-term. Considering the magnitude of the recent decline, we could a see period of consolidation and/or upward retracement before the downtrend resumes in earnest.
