January 27th Daily Market Comments

The lack of urgency in today’s trading implies the markets are using a Friday to consolidate/profit-taking. The indexes are not only trading above the T line but are using the 3T-line as support. Consider the uptrend in progress as long as there is not a major sell signal and a close back below the T-line. This fits in the analysis that when the markets gapped up through the resistance level two days ago, the prospects for a wave three to the upside is very likely.