Monday, August 27, 2007

 
Daily Market Commentary
Courtesy of Nirvana Systems

Updated Thursday, 8/23 for Friday's market.

Key DOW Levels for 8/24

UP

Above 13,500

DN

Below 13,000


Quiet Session...

- Dow opens session with promise, but closes flat for the day. From prior commentary, "...While the Dow has picked up a considerable amount of points along the way, today's upside break through 13,200 does not lend confidence to the bulls...a break back below 13,150 could give us an early sign of weakness..."

The Dow opened the session with a fair bit of strength this morning, but the index quickly reversed course and settled into a very tight range, as seen in the 15 Minute Chart. The index basically traded sideways the entire session and eventually closed flat on the day. The Dow continues to near the highs of the six-day uptrend, but does not look poised to head higher.

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