Today’s positive trading in the indexes demonstrate the sideways channel remains in progress. The bias remains to the downside as long as the indexes are trading below the T line. However, the lower channel support area remains a strong trend indicator. Bullish trading should be viewed with some suspicion until there is a confirmed candlestick buy signal in the indexes. Portfolios should be oriented more to the downside.
December 21st Daily Market Comments
Today’s positive trading in the indexes demonstrate the sideways channel remains in progress. The bias remains to the downside as long as the indexes are trading below the T line. However, the lower channel support area remains a strong trend indicator. Bullish trading should be viewed with some suspicion until there is a confirmed candlestick buy signal in the indexes. Portfolios should be oriented more to the downside.