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.
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.