Wednesday, November 15, 2006
Daily Market Commentary
Updated Tuesday, 11/14 for Wednesday's market.
Huge Late-Day Rally...
Read More...
Updated Tuesday, 11/14 for Wednesday's market.
| Key DOW Levels for 11/15 | |
| UP | Above 12,250 |
| DN | Below 12,100 |
Huge Late-Day Rally...
- Dow reverses from early lows, rallies solidly through 12,200. The index rallied fiercely to the Close to eventually end the day with a 86 point gain after rallying 140 points from the day's lows.
- The NASDAQ and S&P each reversed sharply from the day's lows in what turned out to be a huge rally to the Close. Each index is now breaking into new territory, so we want to see if these levels can be maintained.
Summary
The Dow ended the day with a huge upside break from a major triangle pattern at 12,165. The pattern projects a 200 point advance from the breakout point, which indicates there's much more rally left in this index. However, if 12,150 is crossed, we could see a big failure.
- The NASDAQ and S&P each reversed sharply from the day's lows in what turned out to be a huge rally to the Close. Each index is now breaking into new territory, so we want to see if these levels can be maintained.
Summary
The Dow ended the day with a huge upside break from a major triangle pattern at 12,165. The pattern projects a 200 point advance from the breakout point, which indicates there's much more rally left in this index. However, if 12,150 is crossed, we could see a big failure.
Read More...
