Although the NASDAQ is showing a little bit of bullish trading today, the underlying factor remains that the indexes are continuing to trade below the T-line. Until there is a confirmed buy signal, it still has to be assumed that the market trend is heading lower. The 200 day moving average remains a viable support area but there has not yet been any signs of bullish candlestick signals indicating the selling has stopped. Remain predominantly short, any long positions in the portfolio need to show compelling reasons to stay long.
October 22nd Daily Market Comments
Although the NASDAQ is showing a little bit of bullish trading today, the underlying factor remains that the indexes are continuing to trade below the T-line. Until there is a confirmed buy signal, it still has to be assumed that the market trend is heading lower. The 200 day moving average remains a viable support area but there has not yet been any signs of bullish candlestick signals indicating the selling has stopped. Remain predominantly short, any long positions in the portfolio need to show compelling reasons to stay long.