The appearance of indecisive trading in the indexes over the past few days provided important information. Support levels/trend channels had not been breached. The T-line was still fairly close to the trading range. Today’s positive trading has brought the Dow, S&P 500, and the NASDAQ back up above the T-line area with significant strength. As long as the market indexes do not demonstrate a severe selling reversal today, the slow uptrend is still the main trend assessment. Continue to utilize the candlestick charts to indicate which sectors remain the strongest.
February 3rd Daily Market Comments
The appearance of indecisive trading in the indexes over the past few days provided important information. Support levels/trend channels had not been breached. The T-line was still fairly close to the trading range. Today’s positive trading has brought the Dow, S&P 500, and the NASDAQ back up above the T-line area with significant strength. As long as the market indexes do not demonstrate a severe selling reversal today, the slow uptrend is still the main trend assessment. Continue to utilize the candlestick charts to indicate which sectors remain the strongest.