After the market indexes bounced off the 50 day moving average yesterday and the transportation index close backup above the T-line, there was a strong indication any selling was going to be indecisive. Today’s positive trading does not necessarily indicate there is going to be a strong bullish move, but it keeps the indexes in a sideways mode. These market conditions still warrant analyzing each individual stock/sector on its own chart movements. Continue to use the T-line as your ultimate trend indicator factor. Currently all the indexes have moved back up above the T-line.
August 16th Daily Market Comments
After the market indexes bounced off the 50 day moving average yesterday and the transportation index close backup above the T-line, there was a strong indication any selling was going to be indecisive. Today’s positive trading does not necessarily indicate there is going to be a strong bullish move, but it keeps the indexes in a sideways mode. These market conditions still warrant analyzing each individual stock/sector on its own chart movements. Continue to use the T-line as your ultimate trend indicator factor. Currently all the indexes have moved back up above the T-line.