Updated 11/7 for Monday's market. Key DOW Levels for 11/10UPAbove 9,900DNBelow 9,7709,900 HoldsResistance at 9,900 holds, Dow pushes lower.From prior commentary, "...An upside break through the recent highs at 9,900 will tend to confirm another move higher. If the index cannot rise above 9,900, look for the Dow to form a large trading range at the highs from the lows of 9,770 to 9,900..." The Dow traded right up to resistance at 9,900 today, but was not able to get a solid break through the level, which ultimately resulted in weakness throughout the session, as seen in the 15 and 60 Minute Charts. The index reversed off resistance early in the session, but really began to push lower late in the session, as the index traded down toward the lower part of the wide range trading range that has formed from 9,770 to 9,900, seen in the 60 Minute Chart. We look for the Dow to continue to trade within the boundaries of the wide range until a solid break from it occurs. This is a wide range, and could hold for some time. A downside break at support at 9,770 will likely make for a much deeper retracement, while an upside break through 9,900 will extend the current uptrend. Short Term Dow Short term, the Dow has formed a tight range at the lows of the 1 Minute Chart from 9,800 to 9,815. Watch for a break from this range for direction Monday morning. Medium Term Dow In the medium term, we closed Longs at the entry this morning due to the Breakeven Rule. No other trades were triggered and we are now out of the market and watching our wide range for breaks, at 9,900 up, and 9,770 down, with 20 point stops in either direction. NASDAQ & S&P The NASDAQ and S&P each formed tight ranges for the session before finally breaking down late in the day. Resistance continues to hold for the S&P, while the NASDAQ has now broken back below its resistance level. * Summary The Dow held just below key resistance at 9,900 for much of the session until finally trading sharply lower just before the Close. The index has now established a wide trading range from 9,770 to 9,900, which we will watch closely in the coming sessions. Thanks for listening, and Good luck in your trading.. Ed Downsedowns@nirvsys.com with assistance from..Frank Ochoa, Market Analystfochoa@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 _________________________ Rules and DefinitionsDow 15 Minute ChartDow 60 Minute ChartDow Daily ChartDow Weekly ChartLegendMfG, ZiZo | Update: www.scalpgroup.de
