Why is today looking like a consolidation day? Many uptrending stocks are pulling back but they are not doing candlestick reversal signals. That indicates there is no major change of investor sentiment in those trends, merely profit-taking. It would not be unexpected to see the indexes come back and test the 50 day moving average to see if it is going to act as support. These are the type of days were all you can do is sit through the day waiting for the continuation of the overall trend.
April 19th Daily Market Comments
Why is today looking like a consolidation day? Many uptrending stocks are pulling back but they are not doing candlestick reversal signals. That indicates there is no major change of investor sentiment in those trends, merely profit-taking. It would not be unexpected to see the indexes come back and test the 50 day moving average to see if it is going to act as support. These are the type of days were all you can do is sit through the day waiting for the continuation of the overall trend.