Tuesday, February 27, 2007
Trading Education
Tutorial
Triangles
Tightening Price Action Leads to a Breakout
There are various forms of consolidation and they occur anytime
there is an equilibrium of buyers and sellers. One of the most predictive
consolidation formations is the triangle.
Read More...
NASDAQ Chart of the Day
CRDN
took a big gap up this morning to key resistance at 62.00 and immediately began
to fill it en route to big weakness. Watch for continued weakness from this
stock.
Daily Trading Signals
NASDAQ Chart of the Day
![]()
CRDN
took a big gap up this morning to key resistance at 62.00 and immediately began
to fill it en route to big weakness. Watch for continued weakness from this
stock.
Daily Trading Signals
NYSE Chart of the Day
CAL
has formed a huge head-and-shoulders pattern at the highs of the overall rally
that began last fall. A break through the neck line of the pattern at 40.00
could spark heavy selling ahead.
Daily Trading Signals
Daily Market Commentary
Updated Monday, 2/26 for Tuesday's market.
|
Key DOW Levels for 2/27
|
|
UP
|
Above 12,700
|
|
DN
|
Below 12,600
|
Steady Decline...
- Dow bounces off 12,700, drops throughout the day. The index
closed the day with a mild 15 point loss, and looks to be gearing up for the
next big move.
- The NASDAQ and S&P each sold off heavily to begin the day today, but
bounced nicely to the Close. Watch near-term support for directional clues tomorrow
morning.
Summary
The Dow sold off steadily from the 12,700 today, but continues to hold above
the major 12,600 support level, which is being held up by the major lower trend
line. Watch this zone for big directional movement tomorrow.
Read More...
