Tuesday, July 31, 2007
Daily Market Commentary
Courtesy of Nirvana Systems
Updated Monday, 7/30 for Tuesday's market.
Bounce From Lows...
Read More...
Courtesy of Nirvana Systems
Updated Monday, 7/30 for Tuesday's market.
| Key DOW Levels for 7/31 | |
| UP | None |
| DN | Below 13,200 |
Bounce From Lows...
- Dow bounces just above key 13,200 support, rallies 93 points. The index proceeded to bounce from this level and eventually closed the day with a nice 93 point gain. We could see a bit more short-term strength moving forward, but longer term weakness is still likely.
- The NASDAQ and S&P each bounced from early lows to end the day nicely higher. Look for more range-type movement within the current consolidations until a breakout occurs.
Summary
The Dow ended the day with a nice gain and continues to hold above critical support. However, the index will likely trade sideways-to-up until the larger H&S pattern is ready to deliver.
- The NASDAQ and S&P each bounced from early lows to end the day nicely higher. Look for more range-type movement within the current consolidations until a breakout occurs.
Summary
The Dow ended the day with a nice gain and continues to hold above critical support. However, the index will likely trade sideways-to-up until the larger H&S pattern is ready to deliver.
Read More...
