A Daily Swing Trade

- Dow bounces off key resistance, drops remainder of session. The index cannot rise above the major 12,350 resistance level, which could make for more sideways-to-down movement within the larger trading range.

- The NASDAQ and S&P each sold off the opening highs today, making for steady weakness for much of the session. Each index continues to pull back from key highs, which means we could see further retracing ahead.

Summary

The Dow ended the day lower after selling opening strength to begin the day. The index continues to hold beneath key resistance at 12,350, which we will continue to watch for a big break or bounce. Further sideways movement could be seen between 12,100 and 12,350.