A Daily Swing Trade

- Dow reverses from early decline to end day basically flat. The index eventually closed with a 5 point loss, but looks to be gearing up for a much bigger decline.

- The NASDAQ and S&P each trended slowly higher from lows today, but are currently holding within highly bearish consolidations. Watch these ranges closely tomorrow.

Summary

The Dow closed the day just off the session's highs, but continues to build out a potentially bearish pennant consolidation, which we will watch closely tomorrow. A downside break through the bottom of this pattern at 12,175 could be big for bears. Watch 12,300 for continued near-term strength.