Monday, October 30, 2006
Daily Market Commentary
Updated Friday, 10/27 for Monday's market.
Late-Day Sell-Off
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Updated Friday, 10/27 for Monday's market.
| Key DOW Levels for 10/30 | |
| UP | Above 12,200 |
| DN | Below 12,050 |
Late-Day Sell-Off
- Dow sells off from highs to begin session, ends day with steep decline. The index closed the day right at key support at 12,075 with a solid 73 point loss, but much more selling could be ahead.
- The NASDAQ and S&P each sold off sharply late in the day, led by the tech-heavy index. Watch for potential continuation patterns to form to indicate that more selling is likely.
Summary
The Dow closed the day at the lows of the session after getting a huge sell-off late in the day. The index is now testing a major lower trend line at 12,075, which could shed light on the next major directional move.
- The NASDAQ and S&P each sold off sharply late in the day, led by the tech-heavy index. Watch for potential continuation patterns to form to indicate that more selling is likely.
Summary
The Dow closed the day at the lows of the session after getting a huge sell-off late in the day. The index is now testing a major lower trend line at 12,075, which could shed light on the next major directional move.
Read More...
