The markets are not showing any change of investor sentiment. The uptrend remains in progress with the 50 day moving average being the likely target. Continue to stay long in charts that are showing trading above the T-line. Bullish sentiment can be measured by the number of stocks that are gapping up on any given day. Currently, there are numerous gap up breakouts from frypan bottom and J-hook patterns.
Wednesday’s profit-taking apparently is over. Thursday’s strength clearly reveals the uptrend remains in progress especially with most of the indexes currently trading above Wednesday’s open. The most compelling strength is seen in the NASDAQ, forming a trend kicker signal, making the 50 day moving average still the likely target. Stay long, stay nimble.