Monday, July 30, 2007
Daily Market Commentary
Courtesy of Nirvana Systems
Updated Friday, 7/27 for Monday's market.
Continued Weakness...
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Courtesy of Nirvana Systems
Updated Friday, 7/27 for Monday's market.
| Key DOW Levels for 7/30 | |
| UP | None |
| DN | Below 13,200 |
Continued Weakness...
- Dow continues lower, reaches critical support. The index closed the day with another big loss of 208 points and is now holding at critical support, which we will watch closely next week.
- The NASDAQ and S&P each sold off late in the session and continue to trend steadily lower. Look for potential continuation patterns to build out at lows before another big move occurs.
Summary
The Dow closed the day at the lows of the session with another big decline and is now holding at the neck line of a highly bearish H&S pattern. Look for a potential bounce early next week, but for overall weakness to remain intact.
- The NASDAQ and S&P each sold off late in the session and continue to trend steadily lower. Look for potential continuation patterns to build out at lows before another big move occurs.
Summary
The Dow closed the day at the lows of the session with another big decline and is now holding at the neck line of a highly bearish H&S pattern. Look for a potential bounce early next week, but for overall weakness to remain intact.
Read More...
