Friday, April 20, 2007

 
Daily Market Commentary
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.

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