Monday, April 16, 2007
Daily Market Commentary
Courtesy of Nirvana Systems
Updated Friday, 4/13 for Monday's market.
Above 12,600...
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Courtesy of Nirvana Systems
Updated Friday, 4/13 for Monday's market.
| Key DOW Levels for 4/16 | |
| UP | Above 12,650 |
| DN | Below 12,500 |
Above 12,600...
- Dow reverses from early decline, rallies through 12,600n. The index closed the session near the highs of the day with a nice 59 point gain and is now holding above the key 12,600 level, which holds a lot of significance right now.
- The NASDAQ and S&P each reversed nicely from early lows and closed the day at the session's highs, which indicates strength heading into the weekend. Look for more overall strength above resistance next week.
Summary
The Dow got another morning reversal to the upside, which led to a break back above 12,600 for the first time since February. If the Dow can hold above this zone, we could see much more buying ahead. However, we could see a bit of a struggle in this zone before another key directional move occurs.
- The NASDAQ and S&P each reversed nicely from early lows and closed the day at the session's highs, which indicates strength heading into the weekend. Look for more overall strength above resistance next week.
Summary
The Dow got another morning reversal to the upside, which led to a break back above 12,600 for the first time since February. If the Dow can hold above this zone, we could see much more buying ahead. However, we could see a bit of a struggle in this zone before another key directional move occurs.
Read More...
