Friday, April 20, 2007
Daily Market Commentary
Courtesy of Nirvana Systems
Updated Thursday, 4/19 for Friday's market.
V-Bottom Reversal...
Read More...
Courtesy of Nirvana Systems
Updated Thursday, 4/19 for Friday's market.
| Key DOW Levels for 4/20 | |
| UP | Above 12,850 |
| DN | Below 12,725 |
V-Bottom Reversal...
- Dow sells off at Open, but reverses course to end day on positive note. The index formed a v-bottom pattern at support at 12,735 and proceeded to trended steadily higher back above the breakeven point for the day to end the session with a 5 point gain, which is quite bullish.
- The NASDAQ and S&P each reversed from early lows today and continue to build out within evolving consolidation ranges. Look for more range development until a breakout occurs.
Summary
The Dow ended the day above 12,800 for the second straight session and continues to build out a large trading range that could offer much bigger strength ahead. Continue to watch the boundaries of this range for key directional movement.
- The NASDAQ and S&P each reversed from early lows today and continue to build out within evolving consolidation ranges. Look for more range development until a breakout occurs.
Summary
The Dow ended the day above 12,800 for the second straight session and continues to build out a large trading range that could offer much bigger strength ahead. Continue to watch the boundaries of this range for key directional movement.
Read More...
