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The 50 day moving average currently is not acting as resistance for the Dow and S&P 500. The early morning consolidation is the usual trading mode when a trend is in an uptrend. The NASDAQ appears to be moving up toward the 250 day moving averages. Be careful of profit-taking, but as can be seen on the charts, a majority of the hard selling of last week is now been recovered. With the indexes coming back up into the previous trend channel, watch for some continued profit-taking. But stay predominantly long until any weakness in the markets appear. … [Read More...]
On these type of trading days, huge knee-jerk reaction, the prudent strategy is not to do anything until the market settles down, which may take most of the morning. These are days were big profits can be made by using the five-minute and 10 minute charts. … [Read More...]
Today's positive trading is creating bullish trend kicker signals in all of the indexes, including the transportation index which had been the weak sister. It has moved all the indexes up above the T-line. A close near the high end of the trading range today would be the convincing factor. A kicker signal and a close above the T-line is a strong indicator that more upside will follow. … [Read More...]
The market continues to confirm the basing/reversal signals of last week. Especially the Dow and S&P 500, a trend kicker signal through the T-line with today's positive trading forming a bullish Doji sandwich. This implies more upside, making the slow upward trend channel the likely analysis. Stay predominantly long, but there are still short positions that are working. … [Read More...]
The most important factors of candlestick analysis is where prices open and prices close. That was very evident in yesterday's trading. The market indexes showed very bullish strength throughout most of the day but closed at the lower end of the trading range at the end of the day. Obviously this illustrated the bullish strength was not sustainable. Today's markets are trading positive but not with any decisiveness. Each individual trading day creates a formation. The candlestick investor has the advantage of evaluating what the strength/nature of a trend is doing. The uptrend should be in progress but not with any great conviction. Stay predominantly long but still have good short positions in the portfolio. … [Read More...]