Dow Jones: Sideways Day

Sideways Day

Dow trades sideways for consecutive shortened session.

The Dow opened the session strong this morning, but the rally eventually fizzled, closing the session quietly for the second straight time
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The 15 and 60 Minute Charts each show that the Dow continues to trade within a clear and solid uptrend. Look for the index to continue trending higher in the medium term, especially if the Dow continues to hold above 10,300.

Otherwise, a break of 10,300 will usher in an overdue retracement Monday. Use this level as a fulcrum for Monday's session.

Short Term Dow

Short term, the Dow has formed a tight range at the lows of the 1 Minute Chart from 10,318 to 10,328. Watch for a break from this range for direction Monday morning.

Medium Term Dow

In the medium term, we are still Long the Dow from 10,190 and will continue to hold stops at 10,290. We will want to stay Long above 10,375, and will look to enter Shorts below 10,275, with 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each traded sideways today, and continue to hold within their respective uptrends. A break of the lower boundary will make for weakness Monday. *

Summary

The Dow continues to hold above the 10,300 level, which implies retained strength. Look for continued upside movement until this level is crossed to the downside.

Thanks for listening, and Good luck in your trading..

Ed Downs
edowns@nirvsys.com

with assistance from..
Frank Ochoa, Market Analyst fochoa@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