A Daily Swing Trade

- Dow tests key resistance, but is turned away. The index trended slowly lower to the Close for a mild loss of just 6 points, but is still positioned to make a big move.

- The NASDAQ and S&P each pulled back from the day's highs, but look to be winding up within the boundaries of a potential breakout pattern. Look for continued development of this pattern ahead of the next key move.

Summary

The Dow continues to hold near the overall highs and continues to test the major 12,500 resistance level. If the index cannot break cleanly above this zone, we could see further range movement above 12,400 before another key directional move is seen.