Thursday, August 03, 2006
Daily Market Commentary
Updated Wednesday, 8/2 for Thursday's market
Rally back to 11,200
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Updated Wednesday, 8/2 for Thursday's market
| Key DOW Levels for 8/3 | |
| UP | Above 11,250 |
| DN | Below 11,075 |
Rally back to 11,200
- Dow rallies from yesterday's lows to close back at key 11,200 zone. The index closed the day with a very nice 74 point gain and continues to hold within the boundaries of a clear consolidation, which we will continue to watch for direction.
- The NASDAQ and S&P each rallied from yesterday's lows and continue to test upper boundaries. The S&P is clearly attempting at a big breakout, but further confirmation should be seen.
Summary
The Dow closed the day right at the top of the large trading range just beneath major resistance at 11,250. This zone will be huge in determining major direction. Look for a break or bounce in this zone for the next big move.
- The NASDAQ and S&P each rallied from yesterday's lows and continue to test upper boundaries. The S&P is clearly attempting at a big breakout, but further confirmation should be seen.
Summary
The Dow closed the day right at the top of the large trading range just beneath major resistance at 11,250. This zone will be huge in determining major direction. Look for a break or bounce in this zone for the next big move.
Read More...
