The markets early morning selling has put the indexes testing the support levels and the lows of October. Until there is an observed candlestick reversal signal and the confirmation of the indexes closing backup above the T-line, it has to be assumed the downtrend remains in progress. Short positions should be maintained and long positions should have very compelling reasons to stay long. NUGT is indicating the gold sector is still maintaining strength. Until the indexes reveal whether they are going to support in this area, establishing new positions should be held off until a definite market direction can be identified.
December 10th Daily Market Comments
The markets early morning selling has put the indexes testing the support levels and the lows of October. Until there is an observed candlestick reversal signal and the confirmation of the indexes closing backup above the T-line, it has to be assumed the downtrend remains in progress. Short positions should be maintained and long positions should have very compelling reasons to stay long. NUGT is indicating the gold sector is still maintaining strength. Until the indexes reveal whether they are going to support in this area, establishing new positions should be held off until a definite market direction can be identified.