Although the markets are still trading above the T-line, the graphics of the candlestick charts are starting to reveal more bearish candles, meaning opening higher but closing lower. Although the trend remains above the T-line, the evidence of bearish presence is starting to reveal itself. Today’s excuse for the markets selling off after a much stronger open is one case of virus in the Chicago area. This does not make for a change of market conditions, merely an added excuse for why investor sentiment is starting to get a little bit bearish at these levels. Continue to take profits on charts that are starting to show weakness.
January 24th Daily Market Comments
Although the markets are still trading above the T-line, the graphics of the candlestick charts are starting to reveal more bearish candles, meaning opening higher but closing lower. Although the trend remains above the T-line, the evidence of bearish presence is starting to reveal itself. Today’s excuse for the markets selling off after a much stronger open is one case of virus in the Chicago area. This does not make for a change of market conditions, merely an added excuse for why investor sentiment is starting to get a little bit bearish at these levels. Continue to take profits on charts that are starting to show weakness.