| Updated 8/19 for Friday's market. |  | ||||||||||||||||
Pull-BackDow pulls back for the day, but holds above 10,000.From prior commentary, "...the index has now gotten an upside break through the major channel at 10,050, which could be the first significant sign of a likely uptrend. If the index can continue to hold above 10,000, we could see a continuation pattern form..." The Dow pulled back off yesterday's highs today, but continues to hold above the key 10,000 level, as seen in the 15 and 60 Minute Charts. The index closed the session lower by 42 points, and now looks to be forming the framework of a continuation pattern at the highs of the recent advance. The 15 Minute Chart shows the index is forming a trading range from 9,985 to 10,085. Look for the index to continue trading within the boundaries of this range as it gears up for the next medium term move. The 60 Minute Chart shows the index is currently holding right at the upper trend line of the major downtreding channel. This is a key decision point in the chart, as a move away from this line will likely dictate the next major move in the market. Short Term Dow Short term, the Dow got a downside break through a clear, short term lower trend line formed beneath the lows of the 1 Minute Chart. Watch for weakness below 10,040 tomorrow morning. Medium Term Dow In the medium term, we entered Shorts today at 10,000, but stopped out for a 20 point loss. We are now out of the market, and will watch 9,975 down, and 10,100 up tomorrow; using 20 point stops. NASDAQ & S&P The NASDAQ and S&P each pulled back slightly today, forming the framework for continuation patterns at the highs. Look for continued sideways movement until a clear break occurs. * Summary The Dow closed the session lower today, but continues to hold near the highs of the recent upmove. Look for the index to continue trading within the boundaries of 9,985 and 10,085. A break from this range should make for solid movement. 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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