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.