August 8th Daily Market Comments

Today’s slightly lower trading in the markets are not necessarily showing any trend reversal indication, merely backing and filling during an uptrend. Currently the Dow is in a J-hook pattern. The indexes are staying above the T-line implying the overall trend remains in an upward direction. Continue to stay predominantly long as long as there is no candlestick reversal signal and a close back below the T line. The logical prognosis is the uptrend is heading toward the top of the trend channel.