Today’s consolidation is showing the indexes, although trading lower, are trading well above the lows. The transportation index likely will consolidate back to the 50 day moving average to see if it will now act as support. Crude oil is trading back off, not yet demonstrating a downtrend anymore, merely a sideways basing zone. Gold prices are waffling today but the classic pattern still indicates more upside.
February 19th Daily Market Comments
Today’s consolidation is showing the indexes, although trading lower, are trading well above the lows. The transportation index likely will consolidate back to the 50 day moving average to see if it will now act as support. Crude oil is trading back off, not yet demonstrating a downtrend anymore, merely a sideways basing zone. Gold prices are waffling today but the classic pattern still indicates more upside.