Yesterday’s Doji in the overbought conditions of the market indexes implied that a lower open Today would indicate profit-taking has started. It appears as if the 3T-line has acted as the pullback support for the Dow and S&P 500, the NASDAQ is use the T-line as a support. If the indexes use those levels as support, it can be assumed that today is merely a profit-taking day versus any major change of investor sentiment in the overall market trend. Stay predominantly long as long as the indexes do not always sudden fall out of bed. Obviously, any long positions recommended today should not be executed until they demonstrate bullish confirmation.
November 9th Daily Market Comments
Yesterday’s Doji in the overbought conditions of the market indexes implied that a lower open Today would indicate profit-taking has started. It appears as if the 3T-line has acted as the pullback support for the Dow and S&P 500, the NASDAQ is use the T-line as a support. If the indexes use those levels as support, it can be assumed that today is merely a profit-taking day versus any major change of investor sentiment in the overall market trend. Stay predominantly long as long as the indexes do not always sudden fall out of bed. Obviously, any long positions recommended today should not be executed until they demonstrate bullish confirmation.