The Dow is currently trading right at the 50 day moving average. The Dow 10 minute chart has formed a Morning Star signal and trying to break back up through the T-line. The 50 day moving average will be an obvious potential support level. The NASDAQ, although trading lower, is currently trading backup above where it opened. This does not necessarily mean there isn’t the possibility of more downside but it is indicating there is buying occurring. Numerous stocks have pulled back to test the T-line. Use the T-line as your ultimate decision-maker.
June 19th Daily Market Comments
The Dow is currently trading right at the 50 day moving average. The Dow 10 minute chart has formed a Morning Star signal and trying to break back up through the T-line. The 50 day moving average will be an obvious potential support level. The NASDAQ, although trading lower, is currently trading backup above where it opened. This does not necessarily mean there isn’t the possibility of more downside but it is indicating there is buying occurring. Numerous stocks have pulled back to test the T-line. Use the T-line as your ultimate decision-maker.