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Schluß war gestern zum Handelsende bei 10783 Punkten....
| Dow | 10,783.01 | -17.29 | (-0.16%) |
| Nasdaq | 2,175.44 | -2.90 | (-0.13%) |
| S&P 500 | 1,211.92 | -1.63 | (-0.13%) |
| Updated 12/30 for Friday's market. |  | ||||||||||||||
Late-Day DeclineDow holds steady within wide range, but gets late-day tumble.We will not post commentary for Monday's market (1/3/05), as we will be closed Friday for New Year's Eve. Have a safe and happy New Year. -SW Team From prior commentary, "...Given the fact that the index has trended steadily higher for the better part of December indicates that we may see further sideways movement within this trading range as the index digests the recent run..." The Dow traded slowly sideways throughout the session before deciding to drop to the Close, causing a decline of 29 points for the session, as seen in the 15 Minute Chart. The index continues to trade sideways within the wide trading range, which spans from 10,780 to 10,870. This range has served as a nice pattern to watch for the ultimate break and move, which we will continue to watch for. Look for continued range movement within the boundaries of the range, until volume picks up and a break occurs. As mentioned before, an upside break is the most likely scenario, given that this pattern is a continuation pattern. However, a break either way should yield a solid move. Also, the fact that the index has not pulled back much while trended steadily higher could call for a rather sizeable retracement should 10,780 be violated. Short Term Dow Short term, the Dow took a late-day dive just before the Close. The index is approaching the key 10,800 level, which is serving as a support level, seen in the 5 Minute Chart. Watch this level closely for tomorrow's Open. Medium Term Dow In the medium term, we are still out of the market, since none of our levels were triggered. We will watch 10,870 up, and 10,780 down for tomorrow's market; using 20 point stops. NASDAQ & S&P The S&P and NASDAQ each traded quietly sideways today, holding within their respective ranges. Look for much of the same, until a clear break occurs. Summary The Dow remains within the boundaries of the wide trading range, which we will continue to watch for a clear break. Further range movement will likely persist, further defining the boundaries of the range. A break from this consolidation should make for a solid move in the direction of the break. Watch 10,870 up, and 10,780 down tomorrow. Thanks for listening, and Good luck in your trading! Ed Downs with assistance from.. ** Note: We are now posting Index entries and exits in Real Time, through our new Intraday Index Alerts service. To learn more about the service, visit SignalWatch.com and select Intraday Alerts from the main navigation bar. - SW Team _________________________ |
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