Today’s hard selling is still making the T-line a critical indicator. All the indexes are trading lower but currently trading right at the T-line. It will be important to see if the indexes close above the T-line, near the high end of their trading ranges Today. A close near the high end of the trading range and above the T-line would produce more evidence of the slow uptrend continuing, still making the 200 day moving average a likely target. A close near the lower end of Today’s trading range, below the T-line, would imply a pullback to the 50 day moving average to see if it’s going to act as support. A close near the lower end of the trading range would also add more evidence the uptrend was currently running out of steam based upon the past two weeks showing a lack of bullish sentiment. Be ready to take some profits if the indexes close below the T-line Today. There are numerous stocks that although are trading lower, are trading above where they opened, indicating the lack of aggressive selling so far Today.
January 28th Daily Market Comments
Today’s hard selling is still making the T-line a critical indicator. All the indexes are trading lower but currently trading right at the T-line. It will be important to see if the indexes close above the T-line, near the high end of their trading ranges Today. A close near the high end of the trading range and above the T-line would produce more evidence of the slow uptrend continuing, still making the 200 day moving average a likely target. A close near the lower end of Today’s trading range, below the T-line, would imply a pullback to the 50 day moving average to see if it’s going to act as support. A close near the lower end of the trading range would also add more evidence the uptrend was currently running out of steam based upon the past two weeks showing a lack of bullish sentiment. Be ready to take some profits if the indexes close below the T-line Today. There are numerous stocks that although are trading lower, are trading above where they opened, indicating the lack of aggressive selling so far Today.