Tuesday, August 21, 2007

 
Daily Market Commentary
Courtesy of Nirvana Systems

Updated Monday, 8/20 for Tuesday's market.

Key DOW Levels for 8/21

UP

Above 13,200

DN

None


Holding Ground...

- Dow trades quietly back and forth, holds within clear consolidation pattern. The Index continues to hold within a clear consolidation that happens to be the right should of a potentially bullish inverted head-and-shoulders pattern, which we will continue to follow.

- The NASDAQ and S&P closed the day near the highs of the session and continue to hold beneath clear resistance. Watch this zone closely for direction.

Summary

The Dow ended the day with a modest advance to the Close, but continues to sit beneath the 13,200 level. Watch this zone closely, as this fulcrum will likely spark the next key directional move.

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