WEDNESDAY'S MARKET WRAP-UP
Market Snapshot for January 4, 2011 (9:00 p.m. ET):
Closing Prices: DOW 12,418.42 (+21.04, +0.17%), S&P 500 1,277.30 (+0.24, +0.02%), NASDAQ 2,648.36 (-0.36, -0.01%), Nikkei 225 8,503.39 (-56.72, -0.66%), DAX 6,111.55 (-55.02, -0.89%), FTSE 5,668.45 (-31.46, -0.55%)
OIL 102.95, GOLD 1,617.20, SILVER 29.31
EURO 1.293, YEN 76.71, BRITISH POUND 1.5606, U.S. DOLLAR INDEX 80.455
Throw Your Hands Up Everybody!
The market has been having as many ups and downs on the 15 minute time frame as my favorite Busch Gardens roller coaster! All the while, the daily uptrend has continued as expected, but hanging onto this move will become more and more difficult heading into next week. So far the intraday action has shown us strong trends on the 15 minute charts, but those trends have failed to offer decent follow through into the next trading day since the new year began. After several pullbacks, however, this is likely to change by week's end with a break in the channel that began Tuesday morning.
Dow Jones Industrial Average (Figure 1)
About the Author
Toni Hansen is president and co-founder of the Bastiat Group, Inc., DBA Trading From Main Street. Toni is one of the most respected technical analysts and traders in the industry. She has been trading and educating new traders, money managers, professional market analysts and traders throughout the boom and bust of the last decade. She has worked in conjunction with some of the world's top financial exchanges. Learn more about Toni Hansen and the educational services she provides through her website at http://www.tonihansen.com.