When the indexes traded below the T-line on Friday, the anticipation of more downside Today was highly probable. Now the analysis should be watching to see if there are any support levels that are relevant. The Dow has hit the 50 day moving average and the bottom of the trend channel support level so far today. It will be important to see if the Dow holds that level. The NASDAQ opened lower but is now currently trading above where it opened, actually trading positive on the day. Be careful, the early morning positive trading needs to be maintained going into the close. The current candlestick signals indicate the bears are in control.
May 4th Daily Market Comments
When the indexes traded below the T-line on Friday, the anticipation of more downside Today was highly probable. Now the analysis should be watching to see if there are any support levels that are relevant. The Dow has hit the 50 day moving average and the bottom of the trend channel support level so far today. It will be important to see if the Dow holds that level. The NASDAQ opened lower but is now currently trading above where it opened, actually trading positive on the day. Be careful, the early morning positive trading needs to be maintained going into the close. The current candlestick signals indicate the bears are in control.