Wednesday, October 04, 2006
Daily Market Commentary
Updated Tuesday, 10/3 for Wednesday's market
Record Close
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Updated Tuesday, 10/3 for Wednesday's market
| Key DOW Levels for 10/4 | |
| UP | Above 11,775 |
| DN | Below 11,650 |
Record Close
- Dow Dow hits all-time highs, remains beneath key 11,750 zone. The index pierced through 11,750 to set an all-time intraday high and eventually closed at 11,727.34, which is also a record for the Dow.
- The NASDAQ and S&P each pulled back from early lows to follow the Dow's lead today. However, each of these indexes continues to look weak compared to the Dow, which could pull the broader market down.
Summary
The Dow finally set all-time intraday and closing highs today, but could be on the verge of a retracement. Continued overall strength should be seen above 11,650, but a breach of this zone could spark big selling ahead.
- The NASDAQ and S&P each pulled back from early lows to follow the Dow's lead today. However, each of these indexes continues to look weak compared to the Dow, which could pull the broader market down.
Summary
The Dow finally set all-time intraday and closing highs today, but could be on the verge of a retracement. Continued overall strength should be seen above 11,650, but a breach of this zone could spark big selling ahead.
Read More...
