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Utilizing candlestick charts helps identify whether early-morning selling is a reversal or merely profit-taking. Wednesday's trading in the indexes was not of any great magnitude. The Dow and the S&P 500 use the 3T line for backing and filling support. At the same time, the Dow transportation index continues to trade positive. These are all indications that Wednesday's early selling was merely profit-taking. The prognosis remains simple, as long as the indexes do not close back below the T-line, the uptrend is in progress. … [Read More...]
The analysis remains the same, the charts indicate the uptrend should persist until the indexes reached the top of the trend channels. This would imply a few more days of upside potential. The Dow is currently trading above the 3T line which implies the uptrend is relatively strong. … [Read More...]
Monday's trading remains consistent with the uptrend direction after the reversal of last week. Although Monday's trading does not show anything robust, it still illustrates the fact there has not been any change of investor sentiment. After the strong move of last week, expect some consolidation to occur but until there is a definite candlestick reversal signal, assume the uptrend remains in progress. … [Read More...]
Thursday's indecisive trading is not unexpected after a strong week and heading into a long weekend. With the anticipation of the candlestick charts not showing any major change of sentiment today, the same strategy remains in place. Continue to stay predominantly long but also have a percentage of the portfolio in short positions. … [Read More...]
Wednesday's positive trading is now bringing both the Dow and the S&P 500 up above the T-line. Although the NASDAQ is trading positive Wednesday, as expected after the long legged Doji that bounced off the 200 day moving average Tuesday, it is not yet trading above the T-line. Bullish strength is still required going into the close today. Many short positions should have been closed out after Tuesday's reversal and Wednesday's positive confirmation. However, until there is a definite close above the T-line in the indexes, be prepared to re-short positions. … [Read More...]