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Big run at the close :^ from Ed Downs!!
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[font="Verdana, Arial, Helvetica, sans-serif"]The Dow opened the session with a nice advance this morning, but quickly pulled back from the highs in what became a trading range session throughout much of the day, as seen in the 15 Minute Chart. The index eventually edged higher to the Close and ended the day with a quiet 56 point gain. [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]The Daily and 60 Minute Charts show the Dow continues to wind up within the boundaries of the large narrowing trading range, which we will continue to focus in on. It's now looking clear that the Dow may close out the year within the boundaries of this range before the big breakout is seen. However, when a break does occur, it is sure to spark a huge move, so keep a close eye on the range. [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]Continued range movement is expected between the boundaries of 10,940 and 10,780 tomorrow. Only a break of either of these levels will spark clear and solid movement. However, 10,900 an d10,820 could offer early directional clues. [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]Short Term Dow [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]The Dow closed the day with a nice intraday trend line formed beneath the lows of the late-day advance, seen in the 1 Minute Chart. A break of this line at 10,875 will make for weakness at the Open. [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]Medium Term Dow [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]In the medium term, we are still out of the market and will watch 10,950 up and 10,775 down; using 20 point stops. [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]NASDAQ & S&P [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]The NASDAQ and S&P each pushed higher late in the day, but continue to hold within their respective ranges. Look for continued sideways behavior until a decisive break occurs. [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]Summary [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]The Dow ended the day quietly higher today, but continues to trade within the broad boundaries of the narrowing trading range. This behavior could persist into the first trading day of January before a breakout occurs. Keep an eye on the outer limits of the range, as a breakout should lead to key movement. [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]Thanks for listening, and Good luck in your trading! [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]Ed Downs
edowns@nirvsys.com [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]with assistance from..
Frank Ochoa, Sr. Market Analyst
fochoa@nirvsys.com [/font]
Big run at the close :^ from Ed Downs!!
Skip
[font="Verdana, Arial, Helvetica, sans-serif"]The Dow opened the session with a nice advance this morning, but quickly pulled back from the highs in what became a trading range session throughout much of the day, as seen in the 15 Minute Chart. The index eventually edged higher to the Close and ended the day with a quiet 56 point gain. [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]The Daily and 60 Minute Charts show the Dow continues to wind up within the boundaries of the large narrowing trading range, which we will continue to focus in on. It's now looking clear that the Dow may close out the year within the boundaries of this range before the big breakout is seen. However, when a break does occur, it is sure to spark a huge move, so keep a close eye on the range. [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]Continued range movement is expected between the boundaries of 10,940 and 10,780 tomorrow. Only a break of either of these levels will spark clear and solid movement. However, 10,900 an d10,820 could offer early directional clues. [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]Short Term Dow [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]The Dow closed the day with a nice intraday trend line formed beneath the lows of the late-day advance, seen in the 1 Minute Chart. A break of this line at 10,875 will make for weakness at the Open. [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]Medium Term Dow [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]In the medium term, we are still out of the market and will watch 10,950 up and 10,775 down; using 20 point stops. [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]NASDAQ & S&P [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]The NASDAQ and S&P each pushed higher late in the day, but continue to hold within their respective ranges. Look for continued sideways behavior until a decisive break occurs. [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]Summary [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]The Dow ended the day quietly higher today, but continues to trade within the broad boundaries of the narrowing trading range. This behavior could persist into the first trading day of January before a breakout occurs. Keep an eye on the outer limits of the range, as a breakout should lead to key movement. [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]Thanks for listening, and Good luck in your trading! [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]Ed Downs
edowns@nirvsys.com [/font]
[font="Verdana, Arial, Helvetica, sans-serif"]with assistance from..
Frank Ochoa, Sr. Market Analyst
fochoa@nirvsys.com [/font]