| Updated 8/31 for Wednesday's market. |  | ||||||||||||||||
Late-Day RallyDow reverses off lows, rallies to the Close.From prior commentary, "...The fact that we are pulling back now could offer further strength in the medium term, especially if the index can find support at around 10,050..." The Dow opened the session lower this morning, as the index trended down about 50 points before getting a solid late-day rally to the Close. The 15 and 60 Minute Charts show the Dow rallied sharply off the lows in the last two hours of trading, as the index gained 51 points for the session. The Daily and 60 Minute Charts show the Dow has pulled back off the highs of the latest uptrend, but may be looking at further strength in the medium term. If the index can continue holding above 10,050, further strength is likely. We may see continued sideways movement at the highs from 10,070 to 10,200 before another big medium term move occurs, however. A break from this range should provide key movement. Short Term Dow Short term, the Dow has formed a trend line beneath the lows of the late-day upmove, seen in the 5 Minute Chart. Look for continued short term strength above this line, unless a downside break occurs through 10,145. Medium Term Dow In the medium term, we covered Shorts today at 10,150, giving us a breakeven trade for the position. We later re-entered Shorts at 10,100, but also stopped out for a breakeven trade. We are now out of the market, and will watch 10,215 up, and 10,170 down; using 20 point stops. NASDAQ & S&P The NASDAQ and S&P each reversed off the days lows today, sparking strength to the Close. The indexes are now holding at the highs of the major uptrend and could continue sideways before another key move is seen. * Summary The Dow ended the day higher after getting a solid late-day rally off the lows of the session. The index held firmly above 10,050, which implies strength in the medium term. We may see sideways movement within the boundaries of a 10,170 and 10,200 before another solid move occurs. 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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