The Dow is currently trading right on the T-line but the NASDAQ and the S&P 500 is trading below the T-line. The magnitude of the selling is not rampant but the charts have illustrated over the past few days that consolidation/profit-taking was in place. The T-line acts as a very good indicator to close out positions when an uptrend in stock close below the T-line. It can always be bought back when it trades back up above the T-line. Look for continued profit-taking, especially going into a three-day weekend.
March 24th Daily Market Comments
The Dow is currently trading right on the T-line but the NASDAQ and the S&P 500 is trading below the T-line. The magnitude of the selling is not rampant but the charts have illustrated over the past few days that consolidation/profit-taking was in place. The T-line acts as a very good indicator to close out positions when an uptrend in stock close below the T-line. It can always be bought back when it trades back up above the T-line. Look for continued profit-taking, especially going into a three-day weekend.