June 17th Daily Market Comments

Today, the Dow has used the T-line as the consolidation support area. The NASDAQ has remained positive today, providing the overall scenario of merely profit-taking so far today. Numerous J-hook patterns continue to work very profitably i.e. YY. Frypan bottom patterns are performing, utilizing the Doji sandwich as breakout indicators, LVGO, MGNX. Assume the market is in an uptrend as long as the indexes continue above the T line.

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June 16th Daily Market Comments

Today’s positive trading in the indexes, although currently trading at the lower end of there trading range, has gapped the indexes back up through the T-line area, this occurring after bullish signals in yesterday’s trading. As long as the indexes now remain above the T line, bearish sentiment has dissipated. This may not mean a new bullish uptrend has started yet, but it would indicate a stabilization of the market trend, making the identification of specific sectors the top priority.

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June 15th Daily Market Comments

Today’s lower trading is in line with the indexes trading below the T-line. Friday’s Doji in the Dow made for a very simple trend analysis today, the markets were going to move in the direction of how prices opened. Currently, the downtrend is anticipated based upon the island reversal in the indexes last week. Expect more downside.

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June 11th Daily Market Comments

Today’s gapped down is producing an island reversal in the Dow. If the indexes close at the low end of their trading range Today, be prepared for a pullback to the 50 day moving average in the Dow and S&P 500, gaps to be filled at those areas.

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June 10th Daily Market Comments

The markets remain in a consolidation stage, evidenced by the fact that the NASDAQ continues to trade higher well the Dow and S&P 500 have been pulling back. This illustrates no major change of investor sentiment, merely profit-taking. The biggies continue to move higher,AAPL, AMZN,NFLX, ZM , revealing investor sentiment remains strong in specific sectors.

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June 9th Daily Market Comments

Today the biggies are trading positive, AAPL, NFLX,. AMZN, while the Dow stocks are trading lower. The Dow has pulled back to the 3T-line and has shown some support at that level. With the big stocks trading positive and the Dow stocks trading lower, this implies profit-taking versus any major exiting from the market. It will be important to watch to see if the indexes trade lower today but indecisively. Be ready to take profits in positions that are starting to show selling indications, a candlestick sell signal or moving too far away from the T-line.

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June 8th Daily Market Comments

The markets are providing percentage of profits that have not been seen decades. The candlestick patterns are producing large and consistent profits. NKLA broke out of a wedge. Numerous stocks continue their uptrend after J-hook and bobble breakouts. There are still so-called experts on TV expecting a pullback, this is usually a bullish indication. Stay long until there is a major reversal signal in the indexes.

 

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June 5th Daily Market Comments

The market is never wrong! Economist usually are! Today’s job numbers were completely opposite of what the so-called experts expected. But the market uptrend has been telling a different story. Investors see something positive in the future. Yesterday, a bearish Harami’s/Doji had formed in the Dow just below the 200 day moving average, indicating the possibility of profit-taking had the markets opened lower today. Today’s gap up also provides the prospects of taking profits, but into strength.

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June 4th Daily Market Comments

The Dow is currently trying to push through the 200-day moving average, in the overbought area. Watch this area closely. The NASDAQ is getting very close to the all-time highs. Watch for profit-taking. Note that charts that have exhibited strong patterns are continuing to act strong. Numerous J-hook patterns and frypan bottom’s are producing good profits.

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June 3rd Daily Market Comments

The Dow is up over 300 points confirming a J-hook pattern that will likely make the 200 day moving average the target. This implies at least a couple more days of bullish trading before hitting a profit-taking area.

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