Wednesday, January 24, 2007
Daily Market Commentary
Updated Tuesday, 1/23 for Wednesday's market.
Big Bounce...
Read More...
Updated Tuesday, 1/23 for Wednesday's market.
| Key DOW Levels for 1/23 | |
| P | Above 12,600 |
| DN | Below 12,450 |
Big Bounce...
- Dow bounces higher from 12,450, fends off further decline. The index continues to fend off sellers in a highly resilient manner and is currently winding up within a larger triangle-type range that we'll want to watch closely.
- The NASDAQ and S&P each bounced nicely higher from key support levels today, but the NASDAQ was not able to maintain the momentum. The index closed the day with a sharp sell-off, which could be telling for tomorrow's market.
Summary
The Dow ended the day with a nice bounce from the 12,450 support level and is now winding up within a large triangle range. Look for more winding up ahead of the next big move, which would finally spark a breakout with legs.
- The NASDAQ and S&P each bounced nicely higher from key support levels today, but the NASDAQ was not able to maintain the momentum. The index closed the day with a sharp sell-off, which could be telling for tomorrow's market.
Summary
The Dow ended the day with a nice bounce from the 12,450 support level and is now winding up within a large triangle range. Look for more winding up ahead of the next big move, which would finally spark a breakout with legs.
Read More...
