Tuesday, May 29, 2007
Daily Market Commentary
Courtesy of Nirvana Systems
Updated Friday, 5/25 for Monday's market.
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Courtesy of Nirvana Systems
Updated Friday, 5/25 for Monday's market.
| Key DOW Levels for 5/29 | |
| UP | Above 13,650 |
| DN | Below 13,400 |
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- Dow reverses after yesterday's decline, but remains near overall lows. The index index eventually closed with a nice 66 point gain, but remains well beneath the 13,550 zone and continues to hold near the overall lows of the recent decline.
- The NASDAQ and S&P each pulled back nicely from yesterday's lows. However, each remains well off the highs from two days back, which means this pull-back could eventually become a continuation pattern. Watch the developing ranges closely.
Summary
The Dow ended the day near the highs of the session, but continues to hold near the overall lows of the recent decline, which implies more weakness ahead. The Dow remains highly bullish within the longer term trend, but more of a retracement could be seen before the bulls regain near-term control. Watch for more weakness beneath 13,550.
- The NASDAQ and S&P each pulled back nicely from yesterday's lows. However, each remains well off the highs from two days back, which means this pull-back could eventually become a continuation pattern. Watch the developing ranges closely.
Summary
The Dow ended the day near the highs of the session, but continues to hold near the overall lows of the recent decline, which implies more weakness ahead. The Dow remains highly bullish within the longer term trend, but more of a retracement could be seen before the bulls regain near-term control. Watch for more weakness beneath 13,550.
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