July 6th Daily Market Comments

The bearish engulfing signal in the Dow is currently trading right on the T line. The S&P 500 gapped up on Friday in the overbought condition, a good alert for watching for profit-taking. The same is true for the NASDAQ. However this does not mean the uptrend is over. Merely the continuation of profit-taking along the way. Use the T line as your final criteria.