Yesterday’s selling made the T-line a crucial factor in the indexes. The Dow needed to open positive and trades positive Today to indicate the T-line was going to act as support. The same scenario was required in the S&P 500. Positive trading from these levels would be a better confirmation of a bullish bobble pattern versus a bearish blue ice failure. This means the markets need to remain above the T-line Today to indicate better probabilities of the current uptrend remaining in progress. It will be important to watch where the markets close Today.
February 21st Daily Market Comments
Yesterday’s selling made the T-line a crucial factor in the indexes. The Dow needed to open positive and trades positive Today to indicate the T-line was going to act as support. The same scenario was required in the S&P 500. Positive trading from these levels would be a better confirmation of a bullish bobble pattern versus a bearish blue ice failure. This means the markets need to remain above the T-line Today to indicate better probabilities of the current uptrend remaining in progress. It will be important to watch where the markets close Today.