Archives for June 2019

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.

 

Share

June 20th Market Wrap-Up

Chat session tonight at 8 PM ET with Guest speaker Dave Aquino. Click here to register.

Good Investing,

The Candlestick Forum Team

Share

June 18th Daily Market Comments

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.

Share

June 17th Market Direction

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.

We will conduct a “Members Only” chat session tonight at 8:00 pm EST.

Good Investing,

The Candlestick Forum Team

Share

June 17th Daily Market Comments

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.

Share

June 14th Daily Market Comments

The indecisive trading is demonstrated in Today’s candlestick formation and also illustrates a decisive lack of direction of the current market trend. The 50 day moving average is acting as an observable support level for the Dow and S&P 500.

Share

June 13th Market Wrap-Up

The graphics of candlestick’s make it much more clear to analyze whether a market is in a profit-taking/consolidation stage versus a full-scale reversal. After a strong bullish move last week, the Dow and the S&P 500 produced a gap up shooting star/Doji. This indicated the possibility of a reversal. Tuesday’s trading produced bearish confirmation. The Dow formed a bearish engulfing signal after the shooting star/Doji. But the graphics of candlestick analysis allow for a much more accurate assessment of whether this was merely profit-taking versus a full-scale reversal. Witnessing the type of trading that occurred as the Dow pulled back to the 50 day moving average made it much more evident that there was the lack of selling pressure. The 50 day moving average acted as a support level as the Dow traded in decisively at that level, a Doji day. Today’s positive trading was more evidence the 50 day moving average was going to act as a support level and produced the probability of a bullish J-hook pattern starting the next uptrend. Profit-taking was more evident in the indexes because the transportation index continue to trade higher. This illustrated there was not a mass selling consensus in the markets.

Knowing that the markets were not reversing after a good uptrend last week allows for participating in the high profit candlestick signals and patterns. The frypan bottom was still very evident in XON, illustrating a breakout of that pattern with a gap up. Simple scanning techniques allows the candlestick investor to pinpoint which sectors are probably going to act the best. As J-hook patterns are being produced in the market indexes, they can also be identified an individual stocks and sectors. Gold prices were showing bullish trading based upon bullish J-hook patterns, allowing for identifying which individual stocks in the gold sector were also producing strong J-hook patterns. Because candlestick signals and patterns are based upon reoccurring investor sentiment, they produce trade set ups that not only produce high probabilities of positive trades but also puts investors in trade set ups that produce inordinately strong profits.

Share

June 13th Daily Market Comments

Today’s positive trading, although not resilient, is implying the 50 day moving average might be acting as a support level for the Dow and S&P 500, indicating the consolidation pullback should be over. The transportation index is still demonstrating the market in general is not selling off. Anticipate another day or two of consolidation but as long as the Dow stays above the 50 day moving average, no major selling pressure has come into the markets. Stay predominantly long and have a few short positions in the portfolio.

Share

June 12th Daily Market Comments

The markets continue to trade in a conciliatory manner, the Dow is currently using the 50 day moving average/T-line as a support. The NASDAQ and the S&P 500 trading slightly lower and indecisively. The transportation index is trading positive. This scenario indicates the lack of any major selling pressure, merely profit-taking. This scenario will remain in progress provided there is not any major slam to the downside. Let each individual stock chart the top analytical factor.

Share

June 11th Daily Market Comments

Be careful! Yesterday the indexes did Doji’s/shooting star signals, after they just climbed up above the 50 day moving average. Although today’s markets are trading positive, they are currently not able to move away from where they opened, forming Doji’s. The uptrend remains in progress but the distance the indexes have moved away from the T-line provides a very strong alert to watch for potential profit-taking. Watch your 10 minute charts.

Share