Although the markets had a big positive day on Friday, the indexes did not form a candlestick reversal signal. The only positive note of Friday’s positive trading is that the reversal/buying occurred at the same level as a bullish signal occurred one month ago. This makes for the prospects of a double bottom but today’s bullish trading is not being viewed as a cross the board bullish conviction. The NASDAQ has open higher but is currently trading below where it opened. The other indexes, although trading higher, are showing indecisive candle formations. The markets remain very indecisive, at best a sideways or very slow uptrending trajectory. Long and short positions still require analysis of each individual stock chart.
February 16th Daily Market Comments
Although the markets had a big positive day on Friday, the indexes did not form a candlestick reversal signal. The only positive note of Friday’s positive trading is that the reversal/buying occurred at the same level as a bullish signal occurred one month ago. This makes for the prospects of a double bottom but today’s bullish trading is not being viewed as a cross the board bullish conviction. The NASDAQ has open higher but is currently trading below where it opened. The other indexes, although trading higher, are showing indecisive candle formations. The markets remain very indecisive, at best a sideways or very slow uptrending trajectory. Long and short positions still require analysis of each individual stock chart.