Today’s selling continues to demonstrate the indecisive, lack of direction of the markets that has occurred for the past two weeks. The NASDAQ had been showing bullish persistency until today’s little gap down/kicker signal. Unless the markets shows some strong bullish sentiment going into the close, investor sentiment will be proving to be turning bearish based upon closing back below the T-line. The transportation index has been the strong selling indicator for the past two weeks, keeping the other indexes from showing any dramatic bullish activity. It will be important to see how the markets close today. Closes below the T-line will indicate more potential downside with a sideways movement as the best prognosis. Be ready to close out long positions that illustrate weakness. Short positions should be acting well.
March 14th Daily Market Comments
Today’s selling continues to demonstrate the indecisive, lack of direction of the markets that has occurred for the past two weeks. The NASDAQ had been showing bullish persistency until today’s little gap down/kicker signal. Unless the markets shows some strong bullish sentiment going into the close, investor sentiment will be proving to be turning bearish based upon closing back below the T-line. The transportation index has been the strong selling indicator for the past two weeks, keeping the other indexes from showing any dramatic bullish activity. It will be important to see how the markets close today. Closes below the T-line will indicate more potential downside with a sideways movement as the best prognosis. Be ready to close out long positions that illustrate weakness. Short positions should be acting well.