The Evening Star signal of last week in the indexes continue to be the predominant indicator. Today’s lower trading indicates the T-line is not going to act as a support area. The gap down from the bearish signals and the NASDAQ show good strength to the downside. Any long positions that are not showing strength against this downtrend should be closed. Short positions should be added to the portfolio with the prospect of the markets going into a wave three to the downside.
September 22 Daily Market Comments
The Evening Star signal of last week in the indexes continue to be the predominant indicator. Today’s lower trading indicates the T-line is not going to act as a support area. The gap down from the bearish signals and the NASDAQ show good strength to the downside. Any long positions that are not showing strength against this downtrend should be closed. Short positions should be added to the portfolio with the prospect of the markets going into a wave three to the downside.