Tuesday, September 05, 2006
Daily Market Commentary
Updated Friday, 9/1 for Monday's market
Big Breakout
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Updated Friday, 9/1 for Monday's market
| Key DOW Levels for 9/5 | |
| UP | Above 11,500 |
| DN | Below 11,350 |
Big Breakout
- Dow breaks through key resistance at 11,400, rallies to the Close. The index powered higher to the Close for a big gain and is holding firmly above major resistance.
- The NASDAQ and S&P each pushed steadily higher today after breaking out to new highs. Look for continuation patterns to form to indicate continued overall strength.
Summary
The Dow closed the day at the highs of the session after getting a solid breakout through 11,400 to begin the day. The index continues to push higher within the current overall uptrend and will likely continue to do so until the major lower trend line is violated at 11,350. Watch this line closely.
- The NASDAQ and S&P each pushed steadily higher today after breaking out to new highs. Look for continuation patterns to form to indicate continued overall strength.
Summary
The Dow closed the day at the highs of the session after getting a solid breakout through 11,400 to begin the day. The index continues to push higher within the current overall uptrend and will likely continue to do so until the major lower trend line is violated at 11,350. Watch this line closely.
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