A Daily Swing Trade

- Dow reverses from major trend line, rallies steadily to the Close. The index proceeded to push higher the remainder of the day and eventually closed at another record high at 12,176, which was good for a 20 point gain. The index continues to struggle at 12,200, however, which is the next big level to watch for strength.

- The NASDAQ and S&P each rallied from early lows this morning, but failed to advance above key resistance. Watch the ranges that have formed for the next medium term move.

Summary

The Dow closed the day near the highs of the day to set another record high. However, the 12,200 level continues to hinder further strength. Watch this level for key breakout movement; otherwise, 12,100 could be tested again.