Dow Jones: sideways to down session

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25.06.04 02:01
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13786 Postings, 8026 Tage ParocorpDow Jones: sideways to down session

Updated 6/24 for Friday's market.
Key DOW Levels for 6/25
UPAbove 10,485
DNBelow 10,430

Pull Back

Dow trades sideways to down.

From prior commentary, "... Looking at the 15 Minute Chart, you can see the index has formed a clear trend line across the lows of the up move off the lower range boundary. We expect a continued uptrend above this level at 10,410..."

The Dow traded quietly for most of the afternoon within a tight consolidation. It broke through the lower boundary midday and slowly drifted lower to the Close, ending the day over 35 points in the red.

Looking at the 15 Minute Chart, you can see the index has traded to the lower trend line of the up move off the lower range boundary. This trend line level intercepts with the upper wide range boundary that was broken yesterday at 10,440. Watch this level for a break or bounce. A bounce would lead a move back to the prior highs at 10,485, while a downside break there will fuel a move lower to support.

Short Term Dow

Short term, the Dow is trading below an upper trend line seen in the 5 Minute Chart at 10,460. Watch this level for a break or bounce tomorrow to indicate the direction at the Open.

Medium Term Dow

In the medium term, we closed our Long at 10,450 for a breakeven trade. We are now out of the market and will be watching 10,485 up and 10,430 down tomorrow, with 20 point stops.

NASDAQ & S&P

The S&P and NASDAQ traded sideways throughout most of the session, but drifted lower to the close. They have both broken through their lower trend lines formed across the lows. *

Summary

The Dow traded sideways for most of the session, but broke through its lower consolidation boundary and dropped to the Close. The index is holding at a clear lower trend line across the lows at 10,440. Watch this level for a break or bounce tomorrow.

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

Ed Downs
edowns@nirvsys.com

with assistance from..
Bela Patel, Market Analyst
bpatel@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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