Monday, August 06, 2007
Daily Market Commentary
Courtesy of Nirvana Systems
Updated Friday, 8/3 for Monday's market.
Heavy Selling...
Read More...
Courtesy of Nirvana Systems
Updated Friday, 8/3 for Monday's market.
| Key DOW Levels for 8/6 | |
| UP | Above 13,525 |
| DN | Below 13,150 |
Heavy Selling...
- Dow sells off heavily from 13,500, drops over 300 points from highs. The index closed the session with a 200 point freefall and is now holding above prior support at 13,150, which is a key level to watch Monday.
- The NASDAQ and S&P each sold off heavily into the afternoon with the S&P actually hitting new lows within the bearish downtrend. Look for more overall selling ahead, especially if the upper trend lines remain intact.
Summary
The Dow ended the day with a heavy decline and continues to honor the 13,500 resistance level, which is quite bearish. Look for continued overall weakness beneath this zone, especially if 13,150 is crossed.
- The NASDAQ and S&P each sold off heavily into the afternoon with the S&P actually hitting new lows within the bearish downtrend. Look for more overall selling ahead, especially if the upper trend lines remain intact.
Summary
The Dow ended the day with a heavy decline and continues to honor the 13,500 resistance level, which is quite bearish. Look for continued overall weakness beneath this zone, especially if 13,150 is crossed.
Read More...
