Today’s pullback has pulled all the indexes back down to the T-line, actually creating bearish Doji sandwiches. It will be extremely important to see if the indexes can hold the T-line. The transportation index is selling off hard today, indicating the T-line did not act as a support level. As expected, the consolidation is still in progress after the gap up Doji witnessed in the Dow two days ago. Be prepared to close out positions if the market indexes do not show strength going into the close Today.LABU is acting well Today, indicating the biotech’s are picking up some strength.
February 27th Daily Market Comments
Today’s pullback has pulled all the indexes back down to the T-line, actually creating bearish Doji sandwiches. It will be extremely important to see if the indexes can hold the T-line. The transportation index is selling off hard today, indicating the T-line did not act as a support level. As expected, the consolidation is still in progress after the gap up Doji witnessed in the Dow two days ago. Be prepared to close out positions if the market indexes do not show strength going into the close Today.LABU is acting well Today, indicating the biotech’s are picking up some strength.