Today’s strength in the markets is confirming the J-hook pattern that had formed in the Dow yesterday, using a left/right combo off the T-line. The implied trend for the Dow was to move back up to the top of the trend channel. The most compelling market strength indicator was the NASDAQ gapping up through the 200 day moving average today. The T-line is still acting as a strong trend support with the uptrend in trading channel acting as the major trend indicator. Stay predominately long, numerous short positions would have been stopped out on today’s positive trading on the open.
March 30th Daily Market Comments
Today’s strength in the markets is confirming the J-hook pattern that had formed in the Dow yesterday, using a left/right combo off the T-line. The implied trend for the Dow was to move back up to the top of the trend channel. The most compelling market strength indicator was the NASDAQ gapping up through the 200 day moving average today. The T-line is still acting as a strong trend support with the uptrend in trading channel acting as the major trend indicator. Stay predominately long, numerous short positions would have been stopped out on today’s positive trading on the open.