March 20th Market Directions

Although the markets are trading positive today, it has to be viewed with a little bit of skepticism. The indexes are currently in a downtrend. Over the past month it can be seen that the down days show decisive candles while up days are indecisive candles. Any bullish positions should be maintaining above the T-line. Short positions can be maintained when there are no reversal signals being confirmed. The current market downtrend requires bullish confirmation, the Dow needs to get back up above the support level of the wedge formation. Until then, the continued downtrend is a higher probability.