May 31st Daily Market Comments

The market indexes had the prospect of moving back into the flat trading range that occurred in most of the early part of May, producing a flat Frypan Bottom pattern with the hard selloff/recovery acting as the dimple. A lower close Today would make the prospects of flat trading a viable prognosis. Numerous stocks are starting to trade back below the T-line. If the market remains weak going into the close, reduced long positions. Maintaining or adding any long positions during a possible sideways market trend would require very strong buy signals.

Share