Friday, January 26, 2007
Daily Market Commentary
Updated Thursday, 1/25 for Friday's market.
Huge Reversal...
Read More...
Updated Thursday, 1/25 for Friday's market.
| Key DOW Levels for 1/26 | |
| P | Above 12,650 |
| DN | Below 12,450 |
Huge Reversal...
- Dow reverses sharply from yesterday's highs, drops steadily throughout the day. The index was unable to rise above the 12,635 zone and eventually broke below near-term support at 12,560 en route to a huge 119 point loss for the session.
- The NASDAQ and S&P each reversed sharply from early highs and proceeded to drop furiously throughout the day. The NASDAQ closed at key support, which we will watch for signs of a much bigger continuation.
Summary
The Dow ended the day near the lows of the session after taking a huge dive from all-time highs above 12,600 yet again. Today's decline was a steady, day-long event, which means this weakness could last much longer moving forward. Watch 12,450 for continued weakness.
- The NASDAQ and S&P each reversed sharply from early highs and proceeded to drop furiously throughout the day. The NASDAQ closed at key support, which we will watch for signs of a much bigger continuation.
Summary
The Dow ended the day near the lows of the session after taking a huge dive from all-time highs above 12,600 yet again. Today's decline was a steady, day-long event, which means this weakness could last much longer moving forward. Watch 12,450 for continued weakness.
Read More...
