The Dow, S&P 500, and the transportation index have now touched the T-line. The NASDAQ is trying to move to that area. It would now be important to see what the indexes do at this level. A failure, obvious selling from these levels, would indicate the bounce to the T-line has been accomplished. Any long positions should be watched to see if they are failing and any short positions should be watched if the market indexes are able to be pushed up through the T-line.
November 17th Daily Market Comments
The Dow, S&P 500, and the transportation index have now touched the T-line. The NASDAQ is trying to move to that area. It would now be important to see what the indexes do at this level. A failure, obvious selling from these levels, would indicate the bounce to the T-line has been accomplished. Any long positions should be watched to see if they are failing and any short positions should be watched if the market indexes are able to be pushed up through the T-line.