Thursday, November 29, 2007

 
Daily Market Commentary
Courtesy of Nirvana Systems

Updated Tuesday, 11/27 for Wednesday's market.

Key DOW Levels for 11/28

UP

Above 13,050

DN

None


Bounce from Lows...

- Dow reverses from yesterday's lows, rallies 215 points. The Index ended the day beneath the key upper trend line with a big 215 point gain, but is now at a crossroads in the charts.

- The NASDAQ and S&P each pushed back and forth throughout the session today and continue to hold within clear ranges. The NASDAQ will likely determine major market direction once a breakout from its consolidation occurs.

Summary

The Dow ended the day with a solid gain and continues to honor the key upper trend line. Look for the index to test the upper line tomorrow at 13,000 before the day's direction is decided. Strength through 13,100 will indicate more bullish sentiment ahead. Otherwise, more downtrending movement will be seen.

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