Thursday, July 20, 2006
Daily Market Commentary
Updated Wednesday, 7/19 for Thursday's market
Breakout & Rally
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Updated Wednesday, 7/19 for Thursday's market
| Key DOW Levels for 7/20 | |
| UP | Above 11,150 |
| DN | Below 10,750 |
Breakout & Rally
- Dow breaks consolidation to upside, rallies fiercely to the Close. Breakout from the consolidation coupled with the bounce at 10,700 led to a huge 350-plus point reversal from yesterday's lows, which is huge. Look for a continuation pattern to form at the highs before another key move is seen..
- The S&P and NASDAQ each broke out of clear consolidations today, but the tech-heavy index clearly lagged the broader market. Each index closed the day near the session highs, which is where we could see signs of a possible continuation pattern.
Summary
The Dow ended the day sharply higher after getting a major upside break from the tight consolidation today. The index closed the day at the session's highs and will likely build out a continuation pattern before another move is seen. Watch 11,150 for a serious upside continuation.
- The S&P and NASDAQ each broke out of clear consolidations today, but the tech-heavy index clearly lagged the broader market. Each index closed the day near the session highs, which is where we could see signs of a possible continuation pattern.
Summary
The Dow ended the day sharply higher after getting a major upside break from the tight consolidation today. The index closed the day at the session's highs and will likely build out a continuation pattern before another move is seen. Watch 11,150 for a serious upside continuation.
