The profit-taking of the markets that started last week are still in effect, more so in the NASDAQ with it gapping down and trading lower below the T-line today. The S&P 500 has done the same scenario, currently trading at the T-line. The Dow is trading lower and indecisively but still just slightly above the T-line. It will be important to see how the markets close today, the T-line being an important factor. The uptrend is not shown any confirmed indications that it is over but obviously there is some profit-taking going on currently. Take some profits on the long side and continue to hold a few short positions until there are indications the profit-taking is over.
March 6th Daily Market Comments
The profit-taking of the markets that started last week are still in effect, more so in the NASDAQ with it gapping down and trading lower below the T-line today. The S&P 500 has done the same scenario, currently trading at the T-line. The Dow is trading lower and indecisively but still just slightly above the T-line. It will be important to see how the markets close today, the T-line being an important factor. The uptrend is not shown any confirmed indications that it is over but obviously there is some profit-taking going on currently. Take some profits on the long side and continue to hold a few short positions until there are indications the profit-taking is over.