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The bullish trading Wednesday is creating a bullish Harami in both the Dow and the S&P 500. A bullish Harami indicates the selling has stopped. This is significant when analyzing the Dow chart, showing the selling has stopped right at the bottom of the trend channel. The bullish Harami in the transportation index is occurring right at the T-line. Being able to analyze charts with the visual elements of candlestick signals provides a much more accurate assessment of what is occurring in a trend. If the bullish Harami's remain in place going into the close, it can be assumed the support levels are going to hold. This is not rocket science. … [Read More...]
The markets continue to have a lack of decisiveness in its overall direction. With the Dow selling off extremely hard today, there are still a good number of stocks that continue in a bullish track based upon the candlestick patterns. As illustrated in the chart patterns over the past four weeks, a major wedge formation has been setting up in the Dow. This in itself implies there is no definite direction bias in investor sentiment. Continue to stay both long and short. … [Read More...]
Although the overall market trend remains indecisive, the one confirming factor is the indexes continued to trade above the T-line, implying the uptrend, albeit choppy, is still a slow uptrend. This continues to make the most logical strategy a portfolio of both long and short positions. The candlestick charts will make it obvious as to which charts are in uptrends and which charts are in downtrends. … [Read More...]
Although there was strong buying on Friday, the indexes are having a hard time getting up through the T-line Tuesday. The Dow, S&P 500, and the NASDAQ, after trading higher on the open, is now trading back below the T-line. A close below the T line today would indicate the sideways mode of the market with a slow drift, probably back down to the 200 day moving average. That scenario still warrants having both long and short positions in the portfolio. … [Read More...]
Friday's positive trading in the markets does not show anything that would be changing investor sentiment, merely some buying/short covering in a down trending market. There is a perceived trend channel in progress, indicating the slow down trending/sideways moving market. This continues to allow scanning strong and weak sectors/stocks on an individual basis. … [Read More...]