A Daily Swing Trade

- Dow continues slow decline, pull backs to major lower trend line. The pull-back continued today and resulted in a 33 point loss in the Dow, but the index has finally reached the major lower trend line at 11,950, which will be the zone to watch next week.

- The NASDAQ and S&P continued their respective declines today, but look to be gearing up for an even larger move next week. Watch support for signs of continued overall weakness.

Summary

The Dow closed the day with another loss today, extending its streak to six days in a row. The index continues to look fairly unorganized in its movement, but has traded precisely to the major lower trend line at 11,950, which we will continue to watch. A break or bounce from this level will likely determine the next major medium term move.