Wednesday, April 02, 2008

 
Daily Market Commentary
Courtesy of Nirvana Systems

Updated Tuesday, 4/1 for Wednesday's market.

Key DOW Levels for 4/2

UP

Above 12,700

DN

None


Huge Rally...

- The Dow breaks through top of channel, rallies back to 12,600. After trending steadily lower away from the 12,600 level over the past six sessions, the Dow rallied right back to 12,600 in just one session, which is phenomenal. We must now see how the Dow reacts to 12,625 before direction can be clearly decided.

- The NASDAQ and S&P each rallied beautifully out of their respective channels today. Each index is now testing the upper boundary of its trading range, which will be key moving forward.

Summary

The Dow closed the day at the highs of the session, but remains at the top of the large trading range, which means the index has yet to get a convincing breakout from this range. Watch 12,700 for clear signs of strength out of this range and for a potential test of the 12,800 level.

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