The T-line continues to act as a viable factor. The Dow could not get up through the T-line yesterday and is selling off. The NASDAQ and the S&P 500 closed above the T-line yesterday but Today those indexes have pulled back to test the T-line as support. This demonstrates the lack of any bullish follow-through of yesterday but also illustrates the lack of any major selling pressure. The sideways mode of the market is still in progress as illustrated by the wedge formation. Continue to stay both long and short.
April 27th Daily Market Comments
The T-line continues to act as a viable factor. The Dow could not get up through the T-line yesterday and is selling off. The NASDAQ and the S&P 500 closed above the T-line yesterday but Today those indexes have pulled back to test the T-line as support. This demonstrates the lack of any bullish follow-through of yesterday but also illustrates the lack of any major selling pressure. The sideways mode of the market is still in progress as illustrated by the wedge formation. Continue to stay both long and short.