| Updated 10/1 for Monday's market. |  | ||||||||||||||
Upside BreakDow breaks through 10,100, rallies to the Close.From prior commentary, "...further sideways movement is indeed likely, and could make for another wave higher toward 10,160 before serious activity occurs. An upside break through 10,180 will indicate an even further advance higher..." The Dow opened the session sharply higher this morning, as the index broke through 10,100 en route to a solid triple-digit gain for the session, as seen in the 15 and 60 Minute Charts. The index gained 112 points for the day and is currently holding at the session highs within the boundaries of a tight consolidation, which has formed from 10,150 to 10,200. The fact that the index has formed the tight consolidation at the highs implies a continuation higher Monday, especially if 10,200 is crossed to the upside. However, a break through the bottom of the range at 10,150 will make for another move down within the boundaries of the upward-sloping channel that has formed over the course of the last week of trading, seen in the 60 Minute Chart. Watch this range Monday, as a break from it could make for another active session. Short Term Dow Short term, we will watch the tight range that has formed at the highs of the 5 Minute Chart from 10,160 to 10,200. Watch for a break from this range for direction at the Open. Medium Term Dow In the medium term, we entered the market Long at 10,180, but stopped out for a 20 point loss late in the day. We are out of the market, and will watch 10,150 down, and 10,200 up; using 20 point stops. NASDAQ & S&P The NASDAQ and S&P each got solid upside breaks from their respective consolidations, which sparked serious rallies in the market. Look for a continued sideways movement to occur at the highs before another move occurs. * Summary The Dow closed the session sharply higher today and is now consolidating at the highs. Look for continued sideways activity within the boundaries of the range until a clear break occurs. An upside break through 10,200 will make for additional strength, while a break below 10,150 will indicate another move down toward 10,080. 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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