Today’s selling, taking the S&P 500 back below the T-line and the Dow showing that it cannot get up through the T-line, indicates more slow downside drift, making the 50 day moving average the likely target over the next few days. The S&P 500 and the Dow are showing a downward trend channel while the NASDAQ continues to trade sideways. This still puts the market conditions to where specific sectors/stocks should be analyzed on their own merits. The overall market conditions are not demonstrating any powerful bullish or bearish forces. Individual stock trends are showing characteristics of slow upward direction but with a lot of trend channel indications.
April 3rd Daily Market Comments
Today’s selling, taking the S&P 500 back below the T-line and the Dow showing that it cannot get up through the T-line, indicates more slow downside drift, making the 50 day moving average the likely target over the next few days. The S&P 500 and the Dow are showing a downward trend channel while the NASDAQ continues to trade sideways. This still puts the market conditions to where specific sectors/stocks should be analyzed on their own merits. The overall market conditions are not demonstrating any powerful bullish or bearish forces. Individual stock trends are showing characteristics of slow upward direction but with a lot of trend channel indications.