Profit-taking/consolidation would be expected today after the big move in the indexes yesterday. Watch to see if the T-line will act as support today. If the indexes trade at or near the T-line, which is where the Dow is currently trading, use your 10 min. chart to see if any buying comes in, indicating the T-line is acting as support. The uptrend now is assumed to be in progress as long as the indexes remain above the T-line.
May 11th Daily Market Comments
Profit-taking/consolidation would be expected today after the big move in the indexes yesterday. Watch to see if the T-line will act as support today. If the indexes trade at or near the T-line, which is where the Dow is currently trading, use your 10 min. chart to see if any buying comes in, indicating the T-line is acting as support. The uptrend now is assumed to be in progress as long as the indexes remain above the T-line.