| Updated 8/10 for Wednesday's market. |  | ||||||||||||||||
Upside BreakDow trades higher through upper consolidation boundary.From prior commentary, "...an upside break through 9,000 could spark a moderate reaction rally back up within the channel's boundaries. Watch these boundaries tomorrow..." The Dow opened up this morning to its upper range boundary at 9,900, seen in the 15 Minute Chart. It held there for most of the afternoon before breaking through and trading higher to the close, ending the day over 130 points in the green. The upside break out of the range implies further strength in the medium term. The index has formed a trend line across the lows seen in the 60 Minute Chart at 9,870. Watch for further strength above this level. A pull back off the highs, and break through the trend line will indicate a move back to the lower range boundary. Short Term Dow Short term, the Dow broke out of a tight consolidation seen in the 5 minute chart at 9,930 near the Close, indicating a move higher at the Open. Medium Term Dow In the medium term, we stopped out of our Short at 9,900, for a 175 point gain. We entered the market Long at 9,900, and will hold our stops at the same level. Watch 9,960 up and 9,760 down, using 20 point stops. NASDAQ & S&P The NASDAQ and S&P each traded sideways the entire session within tight ranges at the lows. Look for continued sideways movement before a break occurs. * Summary The Dow traded sideways to up today. It held at its upper boundary at 9,900 for most of the session, and broke to the upside late in the session. It traded higher to the close, ending the day over 130 points in the green. 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 _________________________ |
| ||||||||||||||||
