Wednesday, September 27, 2006
Daily Market Commentary
Updated Tuesday, 9/26 for Wednesday's market
Bullish Continuation
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Updated Tuesday, 9/26 for Wednesday's market
| Key DOW Levels for 9/27 | |
| UP | Above 11,700 |
| DN | Below 11,580 |
Bullish Continuation
- Dow resumes steady advance, breaks through key 11,650 level. The index finally got a solid break through major resistance at 11,650 and eventually closed the day with a nice 94 point gain.
- The NASDAQ and S&P each closed the day at the highs of the session, but the tech-heavy index was much more reluctant to breakout to new highs, which could weigh on the market tomorrow.
Summary
The Dow closed the day with a solid gain after chugging higher throughout the session. The index is now at the highs of the year and could be headed higher. However, if the index cannot convincingly rise and hold above 11,700, we could see a near-term retracement first.
- The NASDAQ and S&P each closed the day at the highs of the session, but the tech-heavy index was much more reluctant to breakout to new highs, which could weigh on the market tomorrow.
Summary
The Dow closed the day with a solid gain after chugging higher throughout the session. The index is now at the highs of the year and could be headed higher. However, if the index cannot convincingly rise and hold above 11,700, we could see a near-term retracement first.
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