| Updated 8/23 for Tuesday's market. |  | ||||||||||||||||
Sideways DayDow trades sideways, pulls back from highs.From prior commentary, "...Look for further medium term strength, especially if the index continues to hold above 10,025...We may see another pull-back before further strength is seen, however..." The Dow traded sideways at the highs throughout the session today, before finally ending the day lower by 37 points, as seen in the 15 and 60 Minute Charts. The index is now holding within a clear range at the highs of the recent upmove from 10,060 to 10,130. Look for the Dow to continue trading sideways within these boundaries as the index gears up for the next potential move. The fact that the range is forming at the highs implies future strength. However, the index may be overextended to the upside in the short term, thereby indicating the possibility of a retracement. A break either way should provide solid direction. Watch 10,130 up, and 10,060 down tomorrow. Short Term Dow Short term, the Dow has formed a tight range at the lows of the 5 Minute Chart from 10,070 to 10,090. Watch for a break from this range for direction at the Open tomorrow. Medium Term Dow In the medium term, we closed Longs today at 10,100, giving us a breakeven trade. No other trades were triggered, so we are now out of the market. We will watch 10,140 up, and 10,050 down; using 20 point stops. NASDAQ & S&P The NASDAQ and S&P each experienced a quiet session today, as each traded sideways at the highs throughout the day. Look for continued sideways movement until a break occurs. * Summary The Dow closed the session lower today, after trading sideways within the boundaries of a clear range formed at the highs. The index has traded solidly higher throughout the past week and could be due a retracement. A break either way from the range, should offer solid movement. Watch 10,130 up, and 10,060 down tomorrow. 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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