The NASDAQ has almost retraced all of the gains made on Friday. The Transports were on fire this morning but retraced all of the day’s gains and closed at critical support. While the Indices are at a short-term overbought condition, any additional downside move could suggest the greater degree time and price countertrend rotation is not yet complete.
Friday’s low remains critical.
DAILY BRIEFING 210308 from Joe Mertes on Vimeo.