Wednesday, May 02, 2007

 
Daily Market Commentary
Courtesy of Nirvana Systems

Updated Tuesday, 5/1 for Wednesday's market.

Key DOW Levels for 5/2

UP

Above 13,175

DN

Below 13,025


Late-Day Reversal...

- Dow bounces off key 13,050 level twice, rallies to the Close. The index closed the day with 73 point gain and continues to wind up within a large consolidation range that we will watch closely.

- The NASDAQ and S&P pulled back from today's lows after finding support and are now building out the framework for a potential range at lows. Look for more dancing around today's support and prior highs, as the indexes continue to determine their next move.

Summary

The Dow closed the day higher after rallying from early lows in a determined manner. The index continues to be within striking distance of setting new all-time highs despite yesterday's decline. Look for more range development from 13,040 to 13,165 before another key breakout move is seen.

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