The knee-jerk reaction to the additional tariffs made the markets open much lower but now buying is starting to creep in. This is currently indicating the Bulls have not left the market but it will be important to see how much strength the Bulls have going into the close today. Although the indexes are trading above where they opened, they will need to continue up during the day to indicate there has not been a change of investor sentiment, merely a quick selling reaction. A lack of buying from these levels would make the prospects of a pullback to the T-line area a likely scenario, indicating a day or two of pullback consolidation. Stay long but be prepared to lighten up if the markets do not show any more bullish strength going into the close Today.
July 11th Daily Market Comments
The knee-jerk reaction to the additional tariffs made the markets open much lower but now buying is starting to creep in. This is currently indicating the Bulls have not left the market but it will be important to see how much strength the Bulls have going into the close today. Although the indexes are trading above where they opened, they will need to continue up during the day to indicate there has not been a change of investor sentiment, merely a quick selling reaction. A lack of buying from these levels would make the prospects of a pullback to the T-line area a likely scenario, indicating a day or two of pullback consolidation. Stay long but be prepared to lighten up if the markets do not show any more bullish strength going into the close Today.