Yesterday's little gap up in the market indexes, followed by selling later in the day, implied there would probably be some profit-taking. Today's lower trading is currently trading well off their low in the indexes. As long as there is not any major selling candle today, assume that today is merely a profit-taking day. Continue to utilize the T-line as your final criteria for recognizing a change of investor sentiment.
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Today's bullish trading continues the steady uptrending market. The lack of evidence of exuberance is illustrated with numerous stocks trading in an upward direction but with one or two days to the upside, followed by a day of selling, followed by more upside. This indicates there is profit-taking occurring along the way. Because the market is not providing a powerful directional force, this makes each individual stock chart analysis based upon the candlestick signals or patterns. Obviously have the portfolio biased to the upside but there are still a few good short positions performing profitably. It is good to have a slight mixture of short positions in the portfolio as a safety factor. … [Read More...]
The indecisive nature of today's trading in the market indexes is illustrated by numerous stocks trading slightly positive and numerous stocks trading slightly negative, not demonstrating an overall consensus.NVDA trading lower, AMZN trading higher. It is important to observe the uptrend in the NASDAQ and the S&P 500 is currently showing indecisive trading at the same levels those trends topped out a few weeks ago. Watch what signals might occur at those potential resistance levels. The prognosis remains the same, the important analytical factors are based upon each individual stock chart. … [Read More...]
The lack of selling in Boeing is allowing the Dow to demonstrate its true strength, currently trading up above the T-line. This is in conjunction with positive trading in all the other indexes, all currently trading above the T-line. In spite of all the political rhetoric, investor sentiment is demonstrating bullish trending in all of the indexes. Numerous candlestick signals and patterns are providing very strong profitability. Any short positions should be maintained provided they have not shown reversal signals. Most short positions have been closed out at this time. Simple trend analysis, the uptrend will remain in progress as long as the indexes do not close back below the T-line. … [Read More...]
March 20th Daily Market Comments
Yesterday's little gap up in the market indexes, followed by selling later in the day, implied there would probably be some profit-taking. Today's lower trading is currently trading well off their low in the indexes. As long as there is not any major selling candle today, assume that today is merely a profit-taking day. Continue to utilize the T-line as your final criteria for recognizing a change of investor sentiment. … [Read More...]