June 28th Daily Market Comments

The NASDAQ is showing potential support at the 50 day moving average. The positive trading in the other indexes have not yet shown any dramatic change of the current downtrend. Today’s current bounce in numerous stocks should be viewed as merely a possible bounce.
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June 27th Daily Market Comments

Continue to be careful. Although the indexes are trading positive, both the Dow and S&P 500 just touched the T-line before backing off. The NASDAQ, although trading higher, is trading below where it opened. Overall, this does not project new bullish strength in the markets right now. It will be important to see how they close the markets today. A bullish reversal would require a close near the top end of the trading range in the market indexes.

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June 26th Daily Market Comments

Be careful, although the markets are trading positive Today, they are not showing any great reversal signals. There are numerous stocks still trading lower, especially after bearish kicker signals. Stay predominantly short until you see bullish confirmation/bullish reversal signals. With all the indexes trading below the T-line, the downtrend should remain in progress.

 

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June 25th Daily Market Comments

The weakness in Friday’s trading brought all the indexes back below the T-line. This was a viable indication the Bears are starting to take control. The Dow, although traded higher on Friday, indicated the 50 day moving average was going to be acting as a resistance level, making the prospects of the next target the 200 day moving average, which is where the Dow is trading right now. The S&P 500 has almost touched the 50 day moving average today. The short positions are obviously working well. Adding new short positions after the market has moved down this strong should probably not be executed until near the end of the day if the market indexes don’t show a bounce.

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June 22nd Daily Market Comments

The Dow is currently trading below the 50 day moving average while the NASDAQ has use the T-line once again as a support level. These market conditions make the analysis of each individual stock chart the relevant analysis. Continue to stay predominantly long and have a few short positions in the portfolio.

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June 21st Daily Market Comments

The Dow is currently trading below the 50 day moving average while the NASDAQ has use the T-line once again as a support level. These market conditions make the analysis of each individual stock chart the relevant analysis. Continue to stay predominantly long and have a few short positions in the portfolio.

 

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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.

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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.

 

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June 18th Market Daily 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.

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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.

 

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