Tuesday, August 07, 2007
Daily Market Commentary
Courtesy of Nirvana Systems
Updated Monday, 8/6 for Tuesday's market.
Steady Reversal...
Read More...
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.
- 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.
Read More...
