April 2nd Daily Market Comments

The resistance of the T-line in Thursdays trading showed the indexes still had some doubt as to a bullish reversal. Today’s lower trading illustrates the lack of bullish confirmation, putting the markets prospects back into a sideways moving wedge formation. The T-line remains an important indicator. The prospects of bullish movement from this area requires enough strength to get back up through that level. Otherwise, a breakdown through the 200 day moving average creates a bearish J-hook pattern, indicating the markets could had much lower. Currently have both long and short positions in the portfolio.