October 14th Daily Market Comments

Yesterday’s bullish flutter kicker signal set up in the NASDAQ right at the T-line provided a strong probability of a bullish flutter kicker signal today, which is obviously working. The S&P 500 was setting up for an inverted head and shoulders, three valleys in Japanese rice traders terminology. J-hook patterns are working effectively today. Short positions should not be trading back up through yesterday’s opens.

 

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October 13th Daily Market Comments

The downward trend channel persists. Although the NASDAQ is trading slightly positive, it is trading below where it opened, indicating the lack of any bullish sentiment. The Dow is in a sideways channel currently heading lower. Stay predominately short. However, the electric vehicle sector appears to be gaining strength.

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October 12th Daily Market Comments

Yesterday’s evening star signal in the Dow that showed a double failure of the 50 day moving average, is still demonstrating market weakness. This is further illustrated with the NASDAQ trading lower again today after opening higher. The NASDAQ and the S&P 500 continue to trade below the T line. Assume the bears are in control.

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October 11th Daily Market Comments

The Dow is nudging the 50 day moving average again after a Doji sandwich type set up. The NASDAQ opened lower but immediately started trading higher, currently keeping all the indexes above the T-line. Stay predominately long but there are still some shorts working well.

 

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October 8th Daily Market Comments

Today’s consolidation is not unexpected in the major indexes after the strong move of the past two days. The transportation index trading up solidly is a good indication the other indexes are just resting. The the 50 day moving average will still be a level of contention for the Dow. It needs to get through that area to reveal the lack of resistance. Be oriented toward the long side. Most of the short positions should have been closed based upon the bullish reversal signals in downtrends.

 

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October 7th Daily Market Comments

The required bullish confirmation is confirming! Yesterday’s reversal in the Dow, closing above the T-line, needed to see positive trading today to indicate the reversal has occurred. Obviously, the premarket futures indicated the markets are going to open positive. This allows for quickly analyzing short positions that needed to be closed and buying some long positions. The gap up today through the T line after a bullish and golfing signal in the NASDAQ reveals investor sentiment has lost its bearish bias.

 

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October 6th Daily Market Comments

Politics! Once again the federal budget has snuck up on our government politicians. This continues to put the market condition in a very indecisive state. The T line once again is playing an important role as far as identifying any change of investor sentiment.

 

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October 5th Daily Market Comments

The whipsaw actions of the markets, up one day down the next day, reveals the same indecision as a Doji day. The Dow and the transportation index appear to b trying to close above the T line whereas the NASDAQ and the S&P 500 have not yet closed above the T line. It will be important to see where the indexes close today.

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October 1st Daily Market Comments

Stay short, a downtrend will usually see buying in the morning and then the continued selling later in the day. As long as the indexes continue to trade below the T-line, assume the downtrend remains in progress.

 

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September 30th Daily Market Comments

Note that the Dow opened at the T-line but then started trading lower from that level. The NASDAQ and S&P 500 opened higher but are currently trading below where they opened. The downtrend remains in progress. Any buying of long positions today should have very strong compelling buy signals. Stay predominately short.

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