Tuesday, August 22, 2006
Daily Market Commentary
Updated Monday, 8/21 for Tuesday's market
Still Consolidating...
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Updated Monday, 8/21 for Tuesday's market
| Key DOW Levels for 8/22 | |
| UP | Above 11,400 |
| DN | Below 11,300 |
Still Consolidating...
- Dow pulls back from highs, trades sideways to the Close. The index closed the day with a 36 point loss, but continues to trade within the boundaries of the key consolidation that we will continue to watch.
- The NASDAQ and S&P each traded slowly sideways today, as further development of their respective consolidations resumes. Look for a breakout from these ranges for directional movement.
Summary
The Dow closed the day lower, but continues to develop within the boundaries of the key consolidation, which we will continue to focus on. Look for continued range movement until a solid breakout from this range is seen. Such a breakout could make for nice movement.
- The NASDAQ and S&P each traded slowly sideways today, as further development of their respective consolidations resumes. Look for a breakout from these ranges for directional movement.
Summary
The Dow closed the day lower, but continues to develop within the boundaries of the key consolidation, which we will continue to focus on. Look for continued range movement until a solid breakout from this range is seen. Such a breakout could make for nice movement.
Read More...
