Thursday, May 17, 2007

 
Daily Market Commentary
Courtesy of Nirvana Systems

Updated Tuesday, 5/15 for Wednesday's market.

Key DOW Levels for 5/16

UP

Above 13,500

DN

Below 13,200


Pop and Reverse...

- Dow rallies to new all-time highs, but sells off to the Close. The index reversed steadily to the Close, but managed to book a 37 point gain.

- The NASDAQ and S&P each held firmly beneath key resistance and dropped steadily to the Close. The NASDAQ, in particular, looks poised for a heavy downside move given the large saucer top that continues to build out.

Summary

The Dow ended the day with a late-day decline that nearly wiped out all the day's gains, but still remains quite bullish within the steady uptrend. The index could be testing the lower trend line soon at around 13,300, but more strength is likely until this line can be broken and held.

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