Friday, July 21, 2006
Daily Market Commentary
Updated Thursday, 7/20 for Friday's market
Steady Pull-back
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Updated Thursday, 7/20 for Friday's market
| Key DOW Levels for 7/21 | |
| UP | Above 11,050 |
| DN | Below 10,750 |
Steady Pull-back
- Dow pulls back from yesterday's highs, but remains above 10,900. Indey tried to hold on to yesterday's big gains today, but eventually succumbed to weakness and trended steadily lower throughout the session for an 83 point loss, as seen in the 15 and 60 Minute Charts. However, despite today's pull-back, the index remains cautiously bullish.
- The NASDAQ led the broader market lower today, as the index sold off early and often. Keep an eye on key support, as this level could influence the entire market into a much bigger sell-off.
Summary
The Dow closed the day with a sizeable loss after rallying strongly yesterday. However, the index continues to remain near-term bullish as long as it can hold above 10,850 to 10,900. An upside break through 11,050 could reinvigorate bulls; while a break below 10,750 will make for a test of major support at 10,700.
- The NASDAQ led the broader market lower today, as the index sold off early and often. Keep an eye on key support, as this level could influence the entire market into a much bigger sell-off.
Summary
The Dow closed the day with a sizeable loss after rallying strongly yesterday. However, the index continues to remain near-term bullish as long as it can hold above 10,850 to 10,900. An upside break through 11,050 could reinvigorate bulls; while a break below 10,750 will make for a test of major support at 10,700.
