June 15th Daily Market Comments

Today’s bullish trading is creating possible candlestick reversal signals. Possible meaning if the markets continue to hold up going into the close,  the NASDAQ will have shown a Doji reversal off the 200 day moving average. The S&P 500 will show a Doji reversal off the 50 day moving average and the transportation index will have formed a bullish Harami, indicating a trend channel could be in progress. The only caution indicator is the stochastics not yet into the oversold area, implying there may still be a day or two of consolidations in the lower trend ranges before a sustained uptrend might be starting. It will be important to see how the markets act going into the close.