Thursday, August 31, 2006
Daily Market Commentary
Updated Wednesday, 8/30 for Thursday's market
Holding at 11,400
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Updated Wednesday, 8/30 for Thursday's market
| Key DOW Levels for 8/31 | |
| UP | Above 11,425 |
| DN | Below 11,300 |
Holding at 11,400
- Dow rallies to 11,400, holds to the Close. The index closed with a gain of just 13 points and is now holding beneath the 11,400 level, which we will continue to watch.
- The NASDAQ and S&P each pushed to new highs today, but did so in a cautious manner. Look to resistance for a much bigger break or bounce tomorrow.
Summary
The Dow closed the day with a mild gain after testing the waters above 11,400. This is clearly the level to watch for major directional movement tomorrow. Watch for a break or bounce away from this zone for a tradable move.
- The NASDAQ and S&P each pushed to new highs today, but did so in a cautious manner. Look to resistance for a much bigger break or bounce tomorrow.
Summary
The Dow closed the day with a mild gain after testing the waters above 11,400. This is clearly the level to watch for major directional movement tomorrow. Watch for a break or bounce away from this zone for a tradable move.
Read More...
