Friday, November 17, 2006

Daily Market Commentary

Updated Thursday, 11/16 for Friday's market.

Key DOW Levels for 11/17


Above 12,350


Below 12,125

Continued Strength...

- Dow reverses from early lows, rallies solidly through 12,200. The index peaked at 12,325 and eventually closed the day with a solid 54 point gain, but looks poised to hit the triangle's target of 12,365 soon.

- The NASDAQ and S&P each traded sideways-to-up today, as clear patterns are beginning to arrive. Watch near-term support tomorrow.


The Dow ended the day near the highs of the session after trending slowly higher throughout the day. The index continues to push toward the key consolidation target of 12,365, which could be hit tomorrow, but look for signs of a potential pull-back from current highs, as the index could be over-extended in the near term.


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