June 20th Daily Market Comments

The concerns about tariffs apparently are not as dramatic Today. Although the Dow is trading down, the NASDAQ continues to trade higher. Soybeans are trading slightly lower but not nearly to the same magnitude as the huge down day yesterday before forming a large hammer signal. The candlestick patterns continue to demonstrate the strong bullish or bearish trades. Numerous breakouts of patterns are producing strong profits Today.

Share

June 19th Daily Market Comments

The Dow is currently trading right at the 50 day moving average. The Dow 10 minute chart has formed a Morning Star signal and trying to break back up through the T-line. The 50 day moving average will be an obvious potential support level. The NASDAQ, although trading lower, is currently trading backup above where it opened. This does not necessarily mean there isn’t the possibility of more downside but it is indicating there is buying occurring. Numerous stocks have pulled back to test the T-line. Use the T-line as your ultimate decision-maker.

 

Share

June 18th Market Daily Comments

Morning Member Comments

Although the Dow is trading down hard, the other indexes are not showing the same selling pressure. Although they are trading lower, the NASDAQ opened on the T-line and is trading positive from there while the S&P 500 is trading lower, it is trading at the very top of its trading range. This provides an analysis that the markets are not selling off, merely the Dow. Numerous stocks opened lower but are now trading above where they opened. Continue to use the very simple trend analysis rule, as long as the prices are staying above the T-line, stay long.

Share

June 13th Daily Market Comments

 

The J-hook pattern in the NASDAQ is providing the best evidence that the markets should continue in slow uptrend even though the Dow is not showing any great bullish sentiment. The S&P 500 is flat and the transportation index is consolidating during the scoop uptrend. Overall, this indicates no major change of investor sentiment, the slow uptrend of the markets should remain in progress. Stay predominantly long but start taking profits in some sectors and re-invest in new sectors, rotation is in progress.

 

Share

June 12th Daily Market Comments

The NASDAQ continues to trade higher, the transportation index is forming a nice scoop pattern, the S&P 500 is in a nice slow uptrend above the 3T-line, and the Dow is trading basically flat but still above the 3T-line. Nothing has changed yet in the overall market trend/investor sentiment, however expects some profit-taking more so in the Dow and S&P 500. They have shown a couple indecisive/Doji days. Stay predominantly long but be ready to take some profits.

 

Share

June 11th Daily Market Comments

The market uptrend is solid, based upon the backing and filling in each of the indexes as the overall trend moves higher. There’s backing and filling reveals the lack of any exuberance in the market trend. The slow steady uptrend indicates no change of investor sentiment. This is allowing for the strong candlestick charts to continue to perform. The trading strategy should be simple. Stay long on positions that have not shown sell signals and closed back below the T-line.

 

Share

June 7th Daily Market Comments

Although the Dow continues to trade strong today, profit-taking is evident in the other indexes. It will be important for the Dow to maintain its strength. If it starts trading lower in correlation with the other indexes pulling back, the profit-taking/consolidation would produce more prospects of profit-taking occurring over the next few trading days. Currently with the Dow trading positive, it can be assumed that money is just shifting versus pulling out of the markets. Stay long but continue to have defensive stops in place.

 

Share

June 6th Daily Market Comments

The slow uptrend in the markets illustrate strength when one index consolidates one day while other indexes are trading positive, followed by the next day where another index consolidates as the others continue higher. This demonstrates there is no exuberance coming into the uptrend, profit-taking followed by more buying. The steady uptrend of the market is providing good profitability in observable candlestick buy signals.

Share

June 5th Daily Market Comments

Although the Dow and the transportation index are trading lower, the NASDAQ is still showing a very convincing bullish chart pattern, staying well above the T-line. The S&P 500 continues to trade above the T-line. This combination indicates no major change of investor sentiment in the overall market trend, merely shifting from one sector to another. Stay predominantly long but long positions still have to be scanned for strong bullish candlestick signals. Specific sectors are working, i.e. retail stocks.

 

Share

June 4th Daily Market Comments

Today’s positive trading in the Dow has brought it up above the T-line after a few days of supporting on the 50 day moving average. This puts it in correlation with the other indexes all trading above the T-line. This provides more evidence that the overall market trend is in an upward direction.

Share