and The Candlestick Forum
The strong jobs report being offset by the lack of enthusiasm from the AAPL earnings report may create a consolidation day today, Friday trading after a strong week in the markets. Continue to hold long positions that remain above the T-line. There are numerous good strong bullish charts to pick from. Stay predominantly long but expect Today’s trading to be fairly passive.
Today’s positive trading is confirming the trend being above the T-line. However, there is one minor skepticism. The Dow and the NASDAQ started showing bullish direction but without a candlestick reversal signal. The S&P 500 is coming up off a bullish Harami. Because of the lack of a strong reversal signal in the Dow and the NASDAQ, the prognosis would imply an uptrend but expect some pullback at the first signs of selling. But as long as the overall trend remains above the T-line, the analysis might be profit-taking initially back to the T-line and then watch for another bullish reversal signal. Bottom line, if you’re long, still look for some oscillation in the uptrend. In other words, be careful.
November 5th Daily Market Comments
The Dow trading higher, the NASDAQ trading lower, under the influence of Apple selling off hard Today and all the political rhetoric about the midterm elections tomorrow. Expect a lack of decisiveness in this market until both get resolved. It appears as if the Dow blue chips are a place for safe haven while the high tech stocks of the NASDAQ are still be in sold off. Logic says to use each individual chart pattern as the top analytical priority.