After closing below the T-line yesterday, it was anticipated there would be more selling Today, especially in the NASDAQ. However, note that although the markets are trading lower, they are currently trading above where they opened. This would imply the selling is more likely profit-taking than a full-scale change of investor sentiment. Take profits on charts that are trading below the T line but be ready to see which sectors may be the new strong bullish sectors when the markets come back up above the T line.
July 24th Daily Market Comments
After closing below the T-line yesterday, it was anticipated there would be more selling Today, especially in the NASDAQ. However, note that although the markets are trading lower, they are currently trading above where they opened. This would imply the selling is more likely profit-taking than a full-scale change of investor sentiment. Take profits on charts that are trading below the T line but be ready to see which sectors may be the new strong bullish sectors when the markets come back up above the T line.