The lack of any buy signals in the Dow is demonstrating a lack of any direction in the Dow. The NASDAQ and the S&P 500 failed thereby signals of a few days ago and are trading back below the T line. This creates the prospects of a bearish J-hook pattern. A close at the lower end of today’s trading, especially in the NASDAQ, would warrant making sure you have short positions in the portfolio. Until the indexes can close above the T line, there is no bullish direction.
March 3rd Daily Market Comments
The lack of any buy signals in the Dow is demonstrating a lack of any direction in the Dow. The NASDAQ and the S&P 500 failed thereby signals of a few days ago and are trading back below the T line. This creates the prospects of a bearish J-hook pattern. A close at the lower end of today’s trading, especially in the NASDAQ, would warrant making sure you have short positions in the portfolio. Until the indexes can close above the T line, there is no bullish direction.