Monday, March 17, 2008

 
Daily Market Commentary
Courtesy of Nirvana Systems

Updated Friday, 3/14 for Monday's market.

Key DOW Levels for 3/17

UP

Above 12,300

DN

Below 11,850


Defining a range...

- The Dow finishes week with another down session. Afternoon weakness though finally carried the index through this level, before bouncing at the 11,850 level identified yesterday.Going into the close, a potential end of session rally was quickly dissipated by another round of selling pressure, as the Dow to finished down almost 200 points

- The NASDAQ and S&P continue to build out a wide range bound pattern, as the bulls and bears escalate their fight for dominance.

Summary

The Dow ended the day down and continues to build out a range while looking for direction. Watch the boundaries of this pattern, as a breakout could spark big movement ahead.

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