Although the indexes are trading lower today, especially the Dow, they are forming indecisive trading formations as well as staying above the T line. Anticipate this being a profit-taking day as long as there is not any severe selling, taking the indexes back down below the T-line. Be ready to take profits on price moves that are starting to show selling, potential reversal signals in the overbought condition. Do not hesitate to take some profits, if the market continues higher after consolidation, there will be other bullish opportunities.
February 14th Daily Market Comments
Although the indexes are trading lower today, especially the Dow, they are forming indecisive trading formations as well as staying above the T line. Anticipate this being a profit-taking day as long as there is not any severe selling, taking the indexes back down below the T-line. Be ready to take profits on price moves that are starting to show selling, potential reversal signals in the overbought condition. Do not hesitate to take some profits, if the market continues higher after consolidation, there will be other bullish opportunities.