The slow sideways/slightly uptrending channel in the Dow and S&P 500, although not bearish, is illustrating the lack of any dramatic bullish sentiment. This indecisive trend of the market is being accentuated by indecisive daily candlestick formations. The NASDAQ is producing a more bullish chart pattern with today’s positive trading breaking out above a downtrending resistance level. However, it is not showing any bullish resiliency after it opened today. This is still putting great relevancy into analyzing each individual stock position. The lack of any current bullish or bearish control of the markets makes having both long and short positions in the portfolio the best strategy. The markets appear to be in a tentative wait and see mode, waiting to see what type of announcements come out of the White House on a day to day basis.
March 8th Daily Market Comments