Wednesday, August 01, 2007
Daily Market Commentary
Courtesy of Nirvana Systems
Updated Tuesday, 7/31 for Wednesday's market.
Pop & Drop...
Read More...
Courtesy of Nirvana Systems
Updated Tuesday, 7/31 for Wednesday's market.
| Key DOW Levels for 8/1 | |
| UP | Above 13,500 |
| DN | Below 13,200 |
Pop & Drop...
- Dow opens strong, but eventually tumbles to the Close. The index eventually closed the day with a 146 point loss and is now testing the major 13,200 support level.
- The NASDAQ and S&P each sold off heavily from early highs. This action sparked the formation of a potential lower high pattern, which is typically a continuation pattern. Watch support for signs of more selling pressure.
Summary
The Dow closed the day at the lows of the session just above critical support at 13,200. Continue to watch this zone closely for signs of a potential break or bounce.
- The NASDAQ and S&P each sold off heavily from early highs. This action sparked the formation of a potential lower high pattern, which is typically a continuation pattern. Watch support for signs of more selling pressure.
Summary
The Dow closed the day at the lows of the session just above critical support at 13,200. Continue to watch this zone closely for signs of a potential break or bounce.
Read More...
