Dow Jones: Auf April-Support konsolidiert

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08.07.04 06:33
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13786 Postings, 7774 Tage ParocorpDow Jones: Auf April-Support konsolidiert

Updated 7/7 for Thursday's market.
Key DOW Levels for 7/8
UPAbove 10,300
DNBelow 10,225

Consolidating..

Dow trades slightly higher, forms bearish consolidation.

From prior commentary, "...After such a steep decline, we are likely to see either a period of sideways movement or even a light reaction rally before another significant move lower is seen. Watch for a range to form at the lows from 10,190 to 10,250 before another solid move occurs..."

The Dow traded sideways throughout the session today, forming a large, upward-sloping consolidation at the lows of the recent decline, seen in the 15 and 60 Minute Charts. This type of consolidation is typically bearish and forecasts a likely downside break in the medium term.

Look for the index to continue sideways within the consolidation boundaries until a break occurs. A downside break through the bottom of the range at 10,225 will likely spark another solid decline toward 10,000.

Otherwise, an upside push through the top of the range at 10,300 will make for a further upside reaction before another key move is seen.

Short Term Dow

Short term, the Dow has formed a tight consolidation at the lows of the 1 Minute Chart from 10,227 to 10,242. Watch for a likely downside break from this range tomorrow morning. However, a break either way should provide movement.

Medium Term Dow

In the medium term, we entered the market Long today at 10,250, but stopped out with a 20 point loss. We are still out of the market and will watch 10,225 down, and 10,300 up; using 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each traded sideways today in efforts to digests the prior day's decline. Look for continued sideways movement until a clear and solid break occurs. *

Summary

The Dow gained 20 points for the session, but has now formed a bearish consolidation at the lows of the recent decline. Look for continued sideways movement within the range boundaries until a break either way occurs. Such a break will likely lead to solid movement in the direction of the break, which will likely be down.

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

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Rules and Definitions

Dow 15 Minute Chart


Dow 60 Minute Chart


Dow Daily Chart


Dow Weekly Chart


Legend

 

 

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