The big break down in the NASDAQ last week has been confirmed with the failure of a close backup above the T-line. Yesterday’s bearish engulfing signal at the T-line illustrated the lack of Bullish pressure. Today’s Gap down in the NASDAQ indicates the 50 Day Moving Average will be a likely target. The transportation index did a bearish engulfing signal yesterday followed by Today’s gap down which is trading below the T-line. The S&P 500 formed a Hanging Man signal Yesterday followed by a Gap down below the T-line Today. Although the Dow is trading lower, it is still trading above the T-line. However the overall analysis of all the market indexes illustrate sellers starting to take control. Be prepared to take profits if the markets do not show any strength Today.
June 15th Daily Market Comments
The big break down in the NASDAQ last week has been confirmed with the failure of a close backup above the T-line. Yesterday’s bearish engulfing signal at the T-line illustrated the lack of Bullish pressure. Today’s Gap down in the NASDAQ indicates the 50 Day Moving Average will be a likely target. The transportation index did a bearish engulfing signal yesterday followed by Today’s gap down which is trading below the T-line. The S&P 500 formed a Hanging Man signal Yesterday followed by a Gap down below the T-line Today. Although the Dow is trading lower, it is still trading above the T-line. However the overall analysis of all the market indexes illustrate sellers starting to take control. Be prepared to take profits if the markets do not show any strength Today.