The T-line rule is simple! As long as prices close below the T-line, the probabilities are dramatically strong a downtrend will be in progress. That is obviously being seen in the NASDAQ and S&P 500 today. The NASDAQ is currently trying to support at the first likely target, the 200 day moving average. The T line works just as well for indicating the direction of a price move as it does as a support level. Note the number of stocks that have come down today and hit the T line, then bounced back up. This provides good evidence that their uptrends are likely to remain in progress. The Dow continues to trade the most bullish of the indexes, indicating money is moving toward the institutional big Cap quality stocks.
February 23rd Daily Marker Comments
The T-line rule is simple! As long as prices close below the T-line, the probabilities are dramatically strong a downtrend will be in progress. That is obviously being seen in the NASDAQ and S&P 500 today. The NASDAQ is currently trying to support at the first likely target, the 200 day moving average. The T line works just as well for indicating the direction of a price move as it does as a support level. Note the number of stocks that have come down today and hit the T line, then bounced back up. This provides good evidence that their uptrends are likely to remain in progress. The Dow continues to trade the most bullish of the indexes, indicating money is moving toward the institutional big Cap quality stocks.