MARKET COMMENTARY

The Dow gained 89 points on Wednesday. This is, as far as the market is concerned, a technical rebound. There is no apparent reason for the rise. More major news - positive or negative - needed to move the market up or down. We can expect more volatility in the market over the next few days whenever there is any news posted.

The Dow chart shows no particular direction in which it should move. Every rise or fall in the down did not find the corresponding increase in volume. Therefore, it is rather difficult to trade in this market. No, we find a small support just directly below the current price. If this breaks, it may come all the way to the next support level. Otherwise, we can expect to see the market move up to the resistance as indicated on the chart.

Overall, the Dow and the S&P are trading within the range. Hence, options strategies for the sideways market are still the most appropriate strategies to profit from this chart pattern.

DJIA Daily Chart

The Russell is finding support on the 200-day moving average. Every little is known where it will move from here. Stay aside for stronger signals.

RUT Daily Chart

The Nasdaq rebounded on support. We may be seeing a bullish lift-off from here.

NDX Daily Chart

 
STOCKS TO WATCH:

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