Thursday’s Doji in the indexes gave a good trend analysis tool for today’s trading. The positive trading, after Yellen’s announcements, continues to reveal the sideways trajectory of the market. Had the markets opened lower today, the probabilities of a downward trajectory was much greater. Currently the Dow and the S&P 500 and the NASDAQ are forming Morning Star signals, producing the prospects of a mini scoop pattern. This would imply a possible slingshot effect to the upside if the markets close near the high end of their range today. Continue to stay predominantly long, having a few short positions in the portfolio.
August 26th Daily Market Comments
Thursday’s Doji in the indexes gave a good trend analysis tool for today’s trading. The positive trading, after Yellen’s announcements, continues to reveal the sideways trajectory of the market. Had the markets opened lower today, the probabilities of a downward trajectory was much greater. Currently the Dow and the S&P 500 and the NASDAQ are forming Morning Star signals, producing the prospects of a mini scoop pattern. This would imply a possible slingshot effect to the upside if the markets close near the high end of their range today. Continue to stay predominantly long, having a few short positions in the portfolio.