Tuesday, August 07, 2007

 
Daily Market Commentary
Courtesy of Nirvana Systems

Updated Monday, 8/6 for Tuesday's market.

Key DOW Levels for 8/7

UP

Above 13,525

DN

Below 13,150


Steady Reversal...

- Dowreverses from 13,200 support, rallies back toward key resistance with 287 point gain. The index rallied back to within 22 points of the key 13,500 resistance level, which has been quite a 'line in the sand' lately. Watch this zone tomorrow.

- The NASDAQ and S&P each rallied steadily alongside the Dow today, but now have to battle the major upper trend lines that have paced the overall declines. Watch these lines closely for signs of another reversal or a potential new trend.

Summary

The Dow closed the day at the highs of the session and is now holding at the top of the large consolidation range. Watch this range for an eventual breakout, as this pattern could easily spark heavy market participation.

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