June 13th Daily Market Comments

Although the markets are not selling off great resiliency today, the fact that the markets close below the T-line on Friday after the Doji day of Thursday provides a strong probability the downtrend is likely to continue. Currently the Dow is used the 50 day moving average as support but also has use the T-line as resistance. Until there is a strong reversal signal and a close backup above the T-line, consider the downtrend in progress. There is a possibility of a trend channel in the NASDAQ, making the May lows as a viable target. The oriented more toward the short side in the portfolio.