The late afternoon buying on Friday created hammer signals and all the indexes. The Dow had formed a hammer signal on both Thursday and Friday, bouncing up off the 50 day moving average. Today’s positive trading in the Dow has gapped up above the T line. If it closes above the T line today, this will produce a very strong bullish chart set up. A strong close in the NASDAQ will be an all-time high. The analysis is simple, as long as the indexes close above the T-line, the uptrend remains in progress. The Dow will be the one to watch. Numerous Doji sandwich formations are producing profits today.
August 3rd Daily Market Comments
The late afternoon buying on Friday created hammer signals and all the indexes. The Dow had formed a hammer signal on both Thursday and Friday, bouncing up off the 50 day moving average. Today’s positive trading in the Dow has gapped up above the T line. If it closes above the T line today, this will produce a very strong bullish chart set up. A strong close in the NASDAQ will be an all-time high. The analysis is simple, as long as the indexes close above the T-line, the uptrend remains in progress. The Dow will be the one to watch. Numerous Doji sandwich formations are producing profits today.