Although the markets are trading lower, the indexes are currently trading up near the top end of their trading range, creating hammer/Doji formation so far today. However, the overall trend of the market needs to take into account that Friday’s hard selling brought the indexes down through the bottom/support area of the sideways channel. Investor sentiment has not yet shown any strong bullish reversal. Additionally the T-line continues to act as a down trending indicator.
December 17th Daily Market Comments
Although the markets are trading lower, the indexes are currently trading up near the top end of their trading range, creating hammer/Doji formation so far today. However, the overall trend of the market needs to take into account that Friday’s hard selling brought the indexes down through the bottom/support area of the sideways channel. Investor sentiment has not yet shown any strong bullish reversal. Additionally the T-line continues to act as a down trending indicator.