June 18th Daily Market Comments

The J-hook patterns were setting up yesterday in the indexes. The most powerful bullish pattern set up was being demonstrated in the NASDAQ where a bobble breakout was in the making. Waking up to very strong premarket futures immediately indicated the J-hook/bobble patterns were going to perform in today’s trading, allowing for immediate buying on the open. As long as the indexes stay up strong today, it has to be assumed that wave three of J-hook patterns are in progress, implying more upside of wave three.

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June 17th Daily Market Comments

The slow uptrend of the market indexes indicate the support levels, the 50 day moving average, continuing to act as support. Although the strength of the buying is not huge, it still reveals the lack of any selling sentiment in the markets. This is making numerous signals and patterns, frypan bottoms and J-hook patterns, continuing to work.

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June 14th Daily Market Comments

The indecisive trading is demonstrated in Today’s candlestick formation and also illustrates a decisive lack of direction of the current market trend. The 50 day moving average is acting as an observable support level for the Dow and S&P 500.

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June 13th Daily Market Comments

Today’s positive trading, although not resilient, is implying the 50 day moving average might be acting as a support level for the Dow and S&P 500, indicating the consolidation pullback should be over. The transportation index is still demonstrating the market in general is not selling off. Anticipate another day or two of consolidation but as long as the Dow stays above the 50 day moving average, no major selling pressure has come into the markets. Stay predominantly long and have a few short positions in the portfolio.

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June 12th Daily Market Comments

The markets continue to trade in a conciliatory manner, the Dow is currently using the 50 day moving average/T-line as a support. The NASDAQ and the S&P 500 trading slightly lower and indecisively. The transportation index is trading positive. This scenario indicates the lack of any major selling pressure, merely profit-taking. This scenario will remain in progress provided there is not any major slam to the downside. Let each individual stock chart the top analytical factor.

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June 11th Daily Market Comments

Be careful! Yesterday the indexes did Doji’s/shooting star signals, after they just climbed up above the 50 day moving average. Although today’s markets are trading positive, they are currently not able to move away from where they opened, forming Doji’s. The uptrend remains in progress but the distance the indexes have moved away from the T-line provides a very strong alert to watch for potential profit-taking. Watch your 10 minute charts.

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June 10th Daily Market Comments

The uptrend continues its strong movement, with the Dow leading the uptrend. It gapped up well above the 50 day moving average after closing at that level on Friday. Profit-taking is likely to occur, especially when a resistance level is breached, the trend will usually come back down to see if the resistance level is now going to act as support.

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June 6th Daily Market Comments

The markets continue to demonstrate consolidation/profit-taking in the early part of the day. The transportation index has sold off hard today but appears to be using the T-line as a support area, the NASDAQ likewise. Assume bullish sentiment is still in control as long as the indexes trade above the T line.

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June 7th Daily Market Comments

The job numbers did not affect the bullish sentiment of the market. The S&P 500 has now reached the first target of the 50 day moving average, the Dow is fairly close behind. Prepare for some profit-taking but as long as there is not a severe sell signal/severe selling, anticipate the bearish sentiment that had been in the markets for the past month and a half is now healing.

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June 5th Daily Market Comments

Although the markets are trading positive, the expected profit-taking of yesterday’s big positive moves is occurring in many stock prices. This usually occurs early in the day. It will be important to see the indexes remain above the T-line Today. The change of investor sentiment in these market conditions are based upon tariff negotiations, making the change of a market trend relatively volatile on a day to day basis.

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