Although the Dow is trading flat Today, note that the NASDAQ gapped up to where it opened above yesterday’s open. This strength, along with the S&P 500 and the transportation index trading higher clearly illustrates that there is no major selling confirmation after yesterday’s selloff. The T-line remains a viable uptrending support level. Stay long, nothing yet has indicated any selling sentiment in the markets. Strong earnings reports are the catalyst. This is why waiting for confirmation from either the Bulls or the Bears is important when a price/trend is trading right at the T-line.
July 26th Daily Market Comments
Although the Dow is trading flat Today, note that the NASDAQ gapped up to where it opened above yesterday’s open. This strength, along with the S&P 500 and the transportation index trading higher clearly illustrates that there is no major selling confirmation after yesterday’s selloff. The T-line remains a viable uptrending support level. Stay long, nothing yet has indicated any selling sentiment in the markets. Strong earnings reports are the catalyst. This is why waiting for confirmation from either the Bulls or the Bears is important when a price/trend is trading right at the T-line.