SPDR S&P 500 (SPY)

[Footquarters]

Signalwatch commentary


Short Term Dow

The Dow closed the day above the clear 12,600 support level that has held over the last two sessions. Watch this zone for early direction tomorrow.

Medium Term Dow

In the medium term, we are still out of the market and will continue to watch 12,800 up, and 12,600 down; using 20 point stops and disregarding the Breakeven Rule.

NASDAQ & S&P

The NASDAQ and S&P continue to hold within the boundaries of tight, coiled triangles. Watch these patterns tomorrow.

Summary

The Dow closed the day quietly today after initially beginning the session with selling pressure. The index remains beneath the 12,800 level and also lies above 12,600, which we will continue to watch closely.


http://www.signalwatch.com/markets/markets-dow.asp