| Updated 9/1 for Thursday's market. |  | ||||||||||||||||
Trading RangeDow holds at resistance, forms clear trading range at highs.From prior commentary, "...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..." The Dow traded right up to key resistance at 10,210 today, hitting the level early in the session, as seen in the 15 and 60 Minute Chart. However, resistance held firmly and pushed the index back down within the wide trading range that has now formed at the highs of the recent advance from 10,070 to 10,210. The fact that the Dow is forming a range at the highs is promising of further strength in the medium term, but we may see near term trading range activity before another big move occurs. Look for the index to continue holding between 10,070 and 10,210 for the next several sessions before key direction is seen. An upside break through 10,210 is very likely to spark strength; while a downside push through 10,070 will indicate an even larger retracement. Short Term Dow Short term, the Dow has formed a tight range at the lows of the session from 10,140 to 10,175, seen in the 5 Minute Chart. Watch for a break from this range for short term direction at the Open tomorrow. Medium Term Dow In the medium term, we are still out of the market, since none of our entry levels were triggered. We will watch 10,070 down, and 10,215 up tomorrow; using 20 point stops. NASDAQ & S&P The NASDAQ and S&P each rallied through much of the morning, before stalling at resistance and pulling back to the Close. Look for continued sideways movement at the highs until a break from the range occurs. * Summary The Dow closed the session slightly lower today after stalling at resistance earlier in the session. The index is now holding at the highs of the recent uptrend and has formed a clear trading range from 10,070 to 10,210. Watch for continued trading movement within these boundaries until a break 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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