February 19th Daily Market Comments

The strong move in the Dow on Friday clearly indicated the T-line was going to be a relevant factor. It also brought the NASDAQ and the S&P 500 through the potential resistance level of the 200 day moving average. Today’s trading, although the Dow is trading slightly lower, the S&P 500 and the NASDAQ are trading slightly higher, still above the 200 day moving average. This merely indicates profit-taking occurring in the Dow after Friday’s strong day, but not any signs of weakness in the bullish uptrend overall. Continue to stay long, utilizing the strong candlestick signals/pattern breakouts for excessive profits.