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Today's market consolidation has a different tone to it, the lack of wild oscillations. The T-line continues to act as a predominant factor. As long as the market indexes remain above the T-line, the uptrend is considered in progress. This means where the market closes today will be important. Crude oil prices have come back up strong over the past couple days, breaking out of the downtrend. Look for oil stocks as trades. … [Read More...]
Although the markets are trading positive today, the T-line continues to act as an influence. The Dow and the S&P 500 have topped out so far at the T-line, the NASDAQ is trading right at the T-line. Any long positions established today still require close following. … [Read More...]
The major benefit of candlestick analysis is that it allows the investor to see what a trend/price would do with a high degree of probability. It will also demonstrate when there is no high probability assessment of a trend. That is currently what is occurring in these markets. There is no established direction. Any trading has to be done on the basis of quick profits off of short-term intraday charts. Otherwise, sitting and waiting for the market to sort itself out is the best strategy. Be patient, a trend will be established sometime in the future, two days or maybe two weeks. … [Read More...]
Where does the market want to go? It doesn't know either! Until the market settles down, moving away from huge whipsaw moves intraday, any trading should be oriented toward the 10 min. candlestick chart. Until there is a candlestick reversal signal, the downtrend remains in progress. Intraday buying requires confirmation going into the close. Trade nimbly. … [Read More...]