Updated 4/6 for Wednesday's market. | |||||||||||||||||
HoldingDow pulls back off highs, but holds overall gains.From prior commentary, "...look for the index to continue trending higher within the current uptrend until this line is violated. That is, the Dow should still be considered bullish above 10,450..." The Dow got an early pull-back off the highs this morning, which made for early weakness in the market. However, the index held firmly above 10,450 throughout the session, eventually trending slowly higher to the Close, as seen in the 15 and 60 Minute Charts. The 60 Minute Chart shows that the Dow continues to trade higher within the steep uptrend. As mentioned before, we will likely see further upside movement within the trend until the lower trend line is crossed. A downside break of the line at 10,500 will likely make for an overdue retracement. Otherwise, further upside will be seen above this line. Short Term Dow Short term, the Dow has formed a tight range at the highs of the 5 Minute Chart from 10,540 to 10,570. Watch for a break from this range for direction tomorrow morning. Medium Term Dow In the medium term, we closed Longs this morning at 10,515, giving us a 5 point loss for the trade. No other trades were triggered and we are now out of the market. We will now watch 10,500 for Shorts tomorrow and will continue to stand aside on Longs until further developments arise. NASDAQ & S&P The NASDAQ and S&P each pulled back off their respective highs today, but continue to hold in the overall uptrend. Look for signs of further upside movement, unless the clear lower lines are crossed. * Summary The Dow pulled back off the highs today, but resumed its steady rise late in the session, as the index continues trending higher within the steep uptrend. Look for continued strength above 10,500 tomorrow, unless this level is violated. 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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