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The markets nature, a very slow steady uptrend, will probably not move out of that mode on the day before Thanksgiving. The market will be open on Friday for one half of a day. More than likely no major change of investor sentiment is going to occur either today or on Friday. Stay predominately long, especially in the biotech area. However, continue to have a short or two in the portfolio. … [Read More...]
The Dow and the S&P 500 have pullback today to the T-line area. The NASDAQ has gap down from a Doji and currently trading below the T-line. A close below the T-line in the NASDAQ would diminish any upside prospects and would at best indicate a sideways wedge formation was in progress. That same prognosis would imply to the Dow and the S&P 500 if they close below the T-line today. The wedge formation would indicate a lack of direction in the markets going into the end of the year. Continue to have long and short positions in the portfolio. … [Read More...]
Nothing has changed the current uptrend. A simple analytical tool is when witnessing the premarket futures opening relatively flat it implies there is not any major change of investor sentiment of the current trend. Currently the trend analysis remains very simple, the uptrend is in progress until there is a close back below the T-line. A J-hook pattern set up is in progress. … [Read More...]
Today's consolidation in the markets is not unexpected after a big move like yesterday. Watch to see if today's trading creates another Doji day, providing the prospect for a another Doji sandwich set up for tomorrow. Currently the trend analysis is easy, stay long as long as the indexes do not come back down through the T-line. The transportation index is showing strength, implying this market is not backing off. … [Read More...]
All the indexes are currently nudging the 200 day moving average today. This is creating bullish Doji sandwiches. The transportation index has moved up nicely through the T-line. These are all bullish indicators provided the markets close near the top end of their trading range and especially if they close above the T-line/200 day moving average resistance levels. Long positions should be watched closely today. If the market indexes start backing off from the resistance levels, make sure long positions are continuing to demonstrate strength. … [Read More...]