Friday, September 08, 2006
Daily Market Commentary
Updated Thursday, 9/7 for Friday's market
Lower High
Read More...
Updated Thursday, 9/7 for Friday's market
| Key DOW Levels for 9/8 | |
| UP | Above 11,400 |
| DN | Below 11,300 |
Lower High
- Dow pulls back to 11,400 and then drops to new lows. The index later rallied from lows, but halted the advance just below 11,400 before falling to new lows to the Close, ending the day down by 75 points.
- The NASDAQ and S&P each sold off early, followed by late-day weakness. Look for each to continue to push lower in the medium term, especially if today's highs are not breached.
Summary
The Dow closed the day with a solid loss after breaking a key lower trend line and forming a lower high in the process. Much more weakness could be ahead, especially if 11,300 is solidly crossed. Watch 11,400 for early signs of strength.
- The NASDAQ and S&P each sold off early, followed by late-day weakness. Look for each to continue to push lower in the medium term, especially if today's highs are not breached.
Summary
The Dow closed the day with a solid loss after breaking a key lower trend line and forming a lower high in the process. Much more weakness could be ahead, especially if 11,300 is solidly crossed. Watch 11,400 for early signs of strength.
Read More...
