Tuesday, October 10, 2006
Daily Market Commentary
Updated Monday, 10/9 for Tuesday's market
Still Consolidating...
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Updated Monday, 10/9 for Tuesday's market
| Key DOW Levels for 10/10 | |
| UP | Above 11,900 |
| DN | Below 11,800 |
Still Consolidating...
- Dow continues sideways within tight consolidation, builds toward potential breakout. The index gained just 8 points for the day, but is definitely gearing up for a big potential breakout move.
- The NASDAQ tried to rally the broader market today and has only half successful. The index broke out to new highs within the overall uptrend, but the S&P continues to hold within its consolidation range. Look to near-term support for the next key move.
Summary
The Dow closed the day within the boundaries of the very clear consolidation that has formed at the overall highs. Look for the index to build out this range a bit more before the next key breakout move is seen. Watch this range closely.
- The NASDAQ tried to rally the broader market today and has only half successful. The index broke out to new highs within the overall uptrend, but the S&P continues to hold within its consolidation range. Look to near-term support for the next key move.
Summary
The Dow closed the day within the boundaries of the very clear consolidation that has formed at the overall highs. Look for the index to build out this range a bit more before the next key breakout move is seen. Watch this range closely.
Read More...
