Friday, December 01, 2006
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Trading Education
Tutorial
Breakawas Gaps
Pressure Helps Identify Movers
Gaps occur when there is a dramatic change in market conditions. They can occur
at the beginning of a trading session (i.e. most NASDAQ stocks) or even during
the session itself. There are three types of gaps that are of interest to us
when we analyze charts: breakaway, measured (also known as continuation) and
exhaustion gaps. Today we will discuss the breakaway gap.
Read
More...
NASDAQ Chart of the Day
PMTC
has formed a clear triangle consolidation at the recent highs, which we will
watch for the next key breakout move. Watch 20.00 up and 18.60 down.
Daily Trading Signals
NYSE Chart of the Day
AW
has formed a clear head-and-shoulders pattern at the highs of the recent
advance. The neck line is clearly established at 12.00, which we will watch for
a potential decline.
Daily Trading Signals
Daily Market Commentary
Updated Thursday, 11/30 for Friday's market.
|
Key DOW Levels for 12/1
|
|
P
|
Above 12,300
|
|
DN
|
Below 12,175
|
Slow Uptrend...
- Dow reverses from early decline to end day basically flat. The
index eventually closed with a 5 point loss, but looks to be gearing up for a
much bigger decline.
- The NASDAQ and S&P each trended slowly higher from lows today, but are
currently holding within highly bearish consolidations. Watch these ranges
closely tomorrow.
Summary
The Dow closed the day just off the session's highs, but continues to build out
a potentially bearish pennant consolidation, which we will watch closely
tomorrow. A downside break through the bottom of this pattern at 12,175 could
be big for bears. Watch 12,300 for continued near-term strength.
Read More...
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