Wednesday, July 26, 2006
Daily Market Commentary
Updated Tuesday, 7/25 for Wednesday's market
Late-Day Rally
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Updated Tuesday, 7/25 for Wednesday's market
| Key DOW Levels for 7/26 | |
| UP | Above 11,150 |
| DN | Below 11,000 |
Late-Day Rally
- Dow winds up throughout session, rallies big late in the afternoon. The index wound up within a tight triangle range and eventually got a huge upside break that led to a steady rally to the Close, enough for a nice 53 point gain. Continue to watch the major upper trend line for medium term direction.
- The NASDAQ and S&P each rallied solidly to the Close to end the day in bullish fashion. If the indexes can remain above near-term support, we could see big strength ahead. Otherwise, a violation of these support levels will open the door to more selling.
Summary
The Dow closed the day with a solid rally after winding up throughout the session today. The index is now testing a major upper trend line that could tell the story for the next key medium term move in this index. Watch 11,150 and 11,000 for big directional movement.
- The NASDAQ and S&P each rallied solidly to the Close to end the day in bullish fashion. If the indexes can remain above near-term support, we could see big strength ahead. Otherwise, a violation of these support levels will open the door to more selling.
Summary
The Dow closed the day with a solid rally after winding up throughout the session today. The index is now testing a major upper trend line that could tell the story for the next key medium term move in this index. Watch 11,150 and 11,000 for big directional movement.
