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The NASDAQ has gapped down to the 50 day moving average area and is not trading off of that level currently, a Doji type day. The Dow is trading lower and is currently trading at the last bottom of three weeks ago. Nothing yet has indicated that the selling has stopped but these are important levels to watch for a potential reversal. Most long positions have been stopped out but the oil stocks continue to act well. … [Read More...]
None of the indexes are holding at the T-line. The NASDAQ had been showing indecisive selling over the past few days, today's selling has breached the T-line. Unless the market indexes can close above the T-line today, expect more pullbacks to support areas, moving averages and trend lines. … [Read More...]
Today's trading has already demonstrated mild consolidation. After initially trading lower, the indexes are trading back up toward the top end of their trading range. This remains consistent with the uptrend still trading above the T-line. Note how the doubt in the biotech's yesterday have pretty well dissipated today. Stay with the strong charts, continuing to trade above the T-line. … [Read More...]
The solidness of this market move is illustrated with the Dow trading higher and the NASDAQ opening lower but starting to trade up above where it opened. This indicates backing and filling during this market trend without any exuberance yet coming into the markets. The lack of investor sentiment continues to allow candlestick patterns, especially frypan bottoms, to continue to perform. … [Read More...]
Although the Dow sold off hard yesterday, it did not close below the T-line. The other indexes were not showing bearish confirmation. Today's positive trading is a continuation of the uptrend that has not yet seen any sell signals and a close below the T-line. Anticipate a test of the recent highs in the Dow and the S&P 500. Note today's positive trading in the NASDAQ has gapped up through the J-hook breakout area. Look for more upside provided these markets do not come back and close at the lower end of their trading range today. … [Read More...]