June 21st Daily Market Comments

The market indexes are in the oversold area showing some bullish strength. It will be important to see where the indexes close today, indicating merely a bounce in a downtrend or a potential reversal. The NASDAQ is currently nudging the T-line, the other indexes have more upside to get to the T-line. The 3T-line becomes an important factor. Adding any long positions in this area requires bullish follow-through. Short positions should start to be covered if they don’t show weakness going into the end of the day.