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The Nasdaq looks like it could test its support of 2275 - 2280 tomorrow morning on the opening. The Dow most assuredly will test its support at 10850 and could fall as low as the 10800 - 10820 level before making a rally attempt. Also, watch the S & P with support around 1270. I expect the first rally attempt to fail and for the indices to test their morning lows. If the second test is successful, we could see a decent attempt to rally.
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As expected the Dow is rallying off its 10850 area, the S & P off 1270 area and the Nasdaq the weakest of the indices at 2273 having hit a low of 2264 on the opening. No blood in the street thus far except for tech stocks. Would not buy into this rally. Another test on the way. -
. Would not buy into this rally. Another test on the way. >>
Getting the test right now with the Dow slightly under 10850. Nasdaq 10 pts higher than its intra-day low which is a positive. We should know soon enough how this plays out for the day. What to watch. Dow has to rally back above 10850 on good buying.Comment
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The Dow most assuredly will test its support at 10850 and could fall as low as the 10800 - 10820 level before making a rally attempt. >>
Dow's intra-day was 10817. Safe to say we have seen the lows in the 3 major indices today.Comment
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The S & P held its 1270 support level today touching 1272. The Nasdaq opened 6 pts below its 2270 support but has been above 2270 practically all day. The Dow fell below its initial support of 10850 reaching my secondary objective between 10800 - 10820. Should the dow close over 10850 today, it would be a definite positive. Not a bad day overall.Comment
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