Yesterday, the failure of the Dow, S&P 500, and transportation index closing above the T-line required bullish confirmation today to indicate a reversal has occurred. The NASDAQ was the only index to close above the T line yesterday but today’s bearish trading produces evidence the downtrend remains in progress. Long positions need to be very very compelling at this point. The portfolio should be oriented toward the short side.
February 16th Daily Market Comments
Yesterday, the failure of the Dow, S&P 500, and transportation index closing above the T-line required bullish confirmation today to indicate a reversal has occurred. The NASDAQ was the only index to close above the T line yesterday but today’s bearish trading produces evidence the downtrend remains in progress. Long positions need to be very very compelling at this point. The portfolio should be oriented toward the short side.