Dow Jones: Abprall von Support läuft...

Sideways Day

Dow trades sideways, ends session flat.

The Dow traded strictly sideways today, as the index held within a very tight range throughout the session, seen in the 15 Minute Chart. The index ended the day lower by less than one point and is currently holding within the boundaries of the wide trading range that is forming from 10,300 to 10,430, seen in the 60 Minute Chart.

As we mentioned yesterday, the Dow will likely continue trading sideways within this range until clear and decisive direction is seen. A downside push through 10,360 will likely cause a test of support at 10,300, while an upside move through 10,400 will make for a rise toward resistance at 10,430. Watch the wider range for major activity tomorrow.

Short Term Dow

Short term, the Dow has formed an upward-sloping consolidation at the lows of the 5 Minute Chart. A downside break is likely tomorrow morning, so we will watch 10,370 closely. A break here will indicate weakness at the Open.

Medium Term Dow

In the medium term, we are still out of the market since none of our entry levels were crossed. We will watch 10,435 up, and 10,360 down tomorrow; using 20 point stops.

NASDAQ & S&P

The S&P and NASDAQ each traded sideways today, forming clear ranges to watch for tomorrow's market. A break from the ranges will likely spark direction tomorrow. *

Summary

The Dow ended the day flat today, as the index traded sideways in slow fashion. Look for the index to continue trading sideways within the boundaries of the wider trading range. A break from the range will likely lead to key direction tomorrow.

Thanks for listening, and Good luck in your trading..

Ed Downs
edowns@nirvsys.com

with assistance from..
Frank Ochoa, Market Analyst
fochoa@nirvsys.com

** 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