Thursday, May 17, 2007
Daily Market Commentary
Courtesy of Nirvana Systems
Updated Tuesday, 5/15 for Wednesday's market.
Pop and Reverse...
Read More...
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.
- 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.
Read More...
