The indexes were nudging the top of the resistance level yesterday in the overbought condition. The NASDAQ did a Doji, at least providing a little warning that the upper resistance area may still be relevant. Today’s lower trading confirms a major change of investor sentiment at that level. The NASDAQ is currently trading back below the T line, as well as the transportation index. The short positions are working extremely well.
July 27th Daily Market Comments
The indexes were nudging the top of the resistance level yesterday in the overbought condition. The NASDAQ did a Doji, at least providing a little warning that the upper resistance area may still be relevant. Today’s lower trading confirms a major change of investor sentiment at that level. The NASDAQ is currently trading back below the T line, as well as the transportation index. The short positions are working extremely well.