October 18th Daily Market Comments

Today’s consolidation, not unexpected, was made more evident with the NASDAQ opening yesterday right at the resistance level and selling off, creating a small hanging man signal. The projection of merely consolidation today is based upon the indecisive signals created over the past couple of trading days but the stochastics are still not quite into the overbought area.

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October 17th Daily Market Comments

Today’s positive trading is being created with a slow steady buying pressure, demonstrating more calculated buying decisions. This is allowing for numerous breakout patterns to perform i.e. WLK. The upper wedge resistance level for the indexes continues to be the likely target. Stay predominantly long with the expectation of another day or two to the upside approaching the upper resistance level. The NASDAQ actually opened at the resistance level and has backed off. It will be important to see if the NASDAQ stay relatively close to the resistance level while the other indexes are catching up. Always be careful of tweets. Put safety stop’s at levels that prices should not be trading back down through.

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October 16th Daily Market Comments

Although the market indexes are trading slightly lower Today, note that they are trading above where they opened. This implies merely profit-taking early in the day with the expectation that the uptrend will continue later in the day. An additional bullish indicator is witnessing a large number of stocks still trading positive. The projection remains the same, look for the indexes to come up and test the top of the wedge channel.

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October 15th Daily Market Comments

The bullish flutter kicker signal of last week is still in effect, trying to push the indexes backup toward the top of the wedge channel. Numerous signals, such as the double Doji set up, is confirming good breakout patterns, i.e.NVDA. Continue to stay long with the ultimate target being the top of the wedge channel/resistance level. Making hay while the sun shines is dramatically enhanced when witnessing strong candlestick signals at a bottom of a channel, with the likely target the top of the channel.

 

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October 14th Daily Market Comments

The markets appear to be in a wait and see mode today. Wait and see what is not exactly clear. The lack of any market move Today continues to make the steady Eddie positions continue to act well i.e. HOV, STNG, ARWR, ENPH, TSLA. Shipping stocks remain strong.
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October 11th Daily Market Comments

The bullish flutter kicker’s in yesterday’s trading brought the indexes up through resistance levels. The strength of the kicker signal/flutter kicker signal indicates a very strong reversal. Today’s positive trading in the markets was expected based upon the flutter kicker signals. However, there was also the warning that any negative tweet’s about China trade talks could still be a strong factor but so far so good.

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October 10th Daily Market Comments

Yesterday the market indexes gapped up at the previous day’s open of bearish candles. At the end of the day, the indexes closed where they opened, creating a Doji. This was a high probability set up for producing a bullish flutter kicker signal based upon positive trading today. As witnessed, today is trading bullish creating the bullish flutter kicker signal. This is one of your strongest reversal signals, provided the indexes close near the top end of their trading range. Not only would that create a strong reversal, but it would also have the indexes closing above the >T-line.

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October 8th Daily Market Comments

Yesterday’s trading, a Doji day and with the Dow failing to close above the T-line, indicated investor sentiment was indecisive, still subject to being influenced by the most current news item or tweet. Did that project Today’s strong selling? No, but it did indicate that investor sentiment could still be reactive to any news or tweet related information, as it had been in the recent past. Other than holding short positions that have remained below the T-line, establishing new positions, especially longs, is still very difficult.

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October 7th Daily Market Comments

Although the markets came up strong on Friday, the T-line area remains a relevant factor. Today’s lower trading is indecisive so far. The overall analysis of the market remains a potential wedge formation in the indexes, implying the selling has likely stopped but the buying is not overwhelming.

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October 4th Daily Market Comments

The low unemployment figure gave a bounce to the indexes. The NASDAQ has already bounced up and resistance at the T-line. The gap up reveals that investor sentiment is ready to be bullish on any good news. Today’s indexes need to stay above their open prices. Trading below that level would indicate the initial bullish sentiment is still not fully confirmed. Numerous short positions should have been closed out upon witnessing bullish reversal signals over the past couple of trading days. Long positions, if added, still require confirmation. The indexes need to trade with strength, near the high end of the trading range Today, to confirm bullish sentiment is activating.

 

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