Today’s market consolidation has a different tone to it, the lack of wild oscillations. The T-line continues to act as a predominant factor. As long as the market indexes remain above the T-line, the uptrend is considered in progress. This means where the market closes today will be important. Crude oil prices have come back up strong over the past couple days, breaking out of the downtrend. Look for oil stocks as trades.
Although the markets are trading positive today, the T-line continues to act as an influence. The Dow and the S&P 500 have topped out so far at the T-line, the NASDAQ is trading right at the T-line. Any long positions established today still require close following.