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Remember the basics! When does a trend reverse? When you see a candlestick buy signal and a close above the T-line. As noted, although there was support in the indexes at the 50 day moving average, one thing did not occur. A candlestick buy signal and a close above the T-line. Until that occurs, a down trend is still considered to be in a down trend. … [Read More...]
The markets continue to show some indecisiveness, however it is doing so at what appears to be a bottoming area for the indexes. After the pullback, the basic characteristic of the market has reverted back to being very stock/sector specific. These market conditions still warrant having both long and short positions on in the portfolio. … [Read More...]
Note how the indexes all opened lower Monday but immediately started showing buying. This was much more evident on the graphics of candlestick charts. Currently the Dow and the transportation index has used the 50 day moving average as a support level once again. Now they are trading at the top end of their trading range, a clear indication the 50 day moving average is acting as support. The indexes continue to trade below the T-line but are showing definite bottoming/buy signals. … [Read More...]
The Dow trading positive Friday is showing support at the 50 day moving average. However, the NASDAQ has come up to the 50 day moving average and backed off. This still makes the market trend relatively indecisive with obviously a bearish bias. Continue to have short and long positions in the portfolio. The market trend in general is not going to help or hinder individual stock prices. This market remains very stock/sector specific. … [Read More...]
Candlestick charts allows an investor to evaluate whether all the stars are in alignment. Yesterdays bullish trading created a bullish engulfing signal in the Dow, a Morning Star signal in the NASDAQ. Why was it crucial to see bullish confirmation. The reason there was suspicion that yesterdays bullish trading might not be a full-scale reversal was due to the fact that the stochastics are still in a downward direction. The stars were not can alignment. Numerous short positions did not show enthusiastic buying participation. Those short positions are acting well today. Any long positions still needs to trade above the T-line to stay in. … [Read More...]