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Today's bullish doji sandwich in the Dow is indicating the 50 day moving average is not going to act as resistance. The NASDAQ gap up above the open of yesterday's consolidation Doji, and the transportation index has come up through the 50 day moving average. Nothing has changed that would indicate the Bulls still are in control. Continue to stay predominately long. … [Read More...]
Today's trading should be considered consolidation. The Dow is trading positive while the NASDAQ is trading negative, not illustrating any change of investor sentiment of the current uptrend. As long as the indexes continue to trade above the T-line after last week's strong bullish candlestick reversal signals, the assumption should be the uptrend remains in progress. Currently the Dow is trading above the 50 day moving average, which had been a potential resistance level. Stay predominately long until sell signals appear. … [Read More...]
The bullish signals in the Dow and the S&P 500 last week, the MorningStar signal followed by a bullish Doji sandwich up through the T-line makes the 50 day moving average a very high probability target. Expect another day or two of positive trading before the 50 day moving average resistance area has to be addressed. The NASDAQ, after forming a left/right combo on Friday, has shown good bullish confirmation with today's gap up. Stay long. … [Read More...]
Although there were strong Morning Star signals in the Dow and the S&P 500 yesterday, the T-line still is a critical factor. Numerous short charts showed potential bullish reversal signals yesterday but continue to have a difficult time getting up through the T-line. A very simple analytical tool is requiring a candlestick buy signal and a close above the T-line. Until that combination occurs, the probabilities indicate there has not been a change of the current trend. Today's trading demonstrates the lack of conviction so far on the Bulls side, still making the T-line a relevant factor. … [Read More...]
Today's positive trading in the markets is creating a MorningStar signal in the Dow and the S&P 500. However, the T-line is still a factor. Today's potential reversal signal requires strength going into the close. Until then, the trend still has to be assumed to be in a downtrend until the candlestick reversal signals are confirmed with closes above the T-line. This is all occurring with stochastics in the oversold condition. Short positions will need to be addressed by the end of the day. … [Read More...]