A Daily Swing Trade

- Dow rallies to 12,700, but is rejected back to near-term support. The index ended the day with a 1 point gain and continues to build out ahead of the next big breakout move.

- The NASDAQ and S&P each pulled back from the day's highs, but not to the extent of the Dow, which indicates further overall strength. Watch key near-term support for key directional move ahead.

Summary

The Dow closed the day with a big bounce from lows and is now holding within the boundaries of the key consolidation range. Look for a solid breakout from this range for the next big move.