June 15th Daily Market Comments

The downtrend remains in progress. It is not unusual to see buying in the initial trading during a downtrend, as was seen in today’s trading. However, when stochastics are still heading down, not in the oversold area yet, and the candlestick sell signals were very compelling, a Doji gap down through the T-line in the NASDAQ, early-morning buying has to be viewed with skepticism. Stay predominantly short until there is a compelling reversal signal in the market indexes.