Have the markets bottom? That is a hard question to answer based upon the daily chart. However, it can already be assumed that with such a hard selloff over the last few days, there might be some buying stepping in. But how do we know if that is a full-scale bottoming action or merely a bounce? Simple, watch your 10 minute chart. Currently the Dow 10 minute chart is illustrating that any buying occurring so far today has run into resistance at the 10 minute chart T line. Until the 10 minute chart illustrates the Bulls taking control, maintain the short positions.
February 6th Daily Market Comments
Have the markets bottom? That is a hard question to answer based upon the daily chart. However, it can already be assumed that with such a hard selloff over the last few days, there might be some buying stepping in. But how do we know if that is a full-scale bottoming action or merely a bounce? Simple, watch your 10 minute chart. Currently the Dow 10 minute chart is illustrating that any buying occurring so far today has run into resistance at the 10 minute chart T line. Until the 10 minute chart illustrates the Bulls taking control, maintain the short positions.