The J-hook patterns that formed in the indexes are confirming today. The Dow up 200 points illustrates wave three is in progress. Expect backing and filling but as long as the indexes stay above the T-line, as well as the 3T-line, anticipate more confidence coming into the markets. Gold stocks and oil stocks are reacting well to the bullish moves in those futures. As long as there is not evidence of severe selling, bullish investor sentiment is still in control of the market trend.
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The J-hook patterns were setting up yesterday in the indexes. The most powerful bullish pattern set up was being demonstrated in the NASDAQ where a bobble breakout was in the making. Waking up to very strong premarket futures immediately indicated the J-hook/bobble patterns were going to perform in today's trading, allowing for immediate buying on the open. As long as the indexes stay up strong today, it has to be assumed that wave three of J-hook patterns are in progress, implying more upside of wave three. … [Read More...]
The graphics of candlestick charts reveal what everybody is watching. The 50 day moving average has acted as a support level once the Dow and S&P 500 broke up through that level. Although the candlestick formations are not revealing a tremendous amount of strength in the current uptrend, they do reveal the lack of any selling pressure. This implies bullish sentiment remains in control. This type of market environment allows for identifying the candlestick signals or patterns that are going to continue to perform with inordinate profits because of the lack of concern of the market selling off. Simply stated, strong candlestick patterns will continue to perform with exorbitant profits when the overall market trend is not showing any change.
The J-hook patterns are obvious profitable set ups due to the market in general creating the potential of J-hook patterns. Specific sectors, such as gold, is producing numerous bullish patterns because gold itself is acting strong. Finding the strongest bullish stock charts can be narrowed down by merely identifying which sector ETFs are producing the strongest signals. Today,LABU formed a kicker signal, breaking the price out of a basing area. This makes the biotech's strong bullish prospects. Candlestick scans are greatly simplified by merely identifying the sectors that have the biggest upside potential. Then finding the stocks that have the best bullish charts puts all the probabilities in investor's favor, putting all the stars in alignment.
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Good Investing,
The Candlestick Forum Team … [Read More...]
The slow uptrend of the market indexes indicate the support levels, the 50 day moving average, continuing to act as support. Although the strength of the buying is not huge, it still reveals the lack of any selling sentiment in the markets. This is making numerous signals and patterns, frypan bottoms and J-hook patterns, continuing to work. … [Read More...]
June 20th Daily Market Comments
The J-hook patterns that formed in the indexes are confirming today. The Dow up 200 points illustrates wave three is in progress. Expect backing and filling but as long as the indexes stay above the T-line, as well as the 3T-line, anticipate more confidence coming into the markets. Gold stocks and oil stocks are reacting well to the bullish moves in those futures. As long as there is not evidence of severe selling, bullish investor sentiment is still in control of the market trend. … [Read More...]