The Dow and S&P are trading lower but the NASDAQ is trading higher, not indicating any major change of the current trend. The Dow and S&P 500 may be consolidating for a few days, a bobble pattern between the 50 day moving average on the T-line. Continue to hold long positions that have not indicated a candlestick sell signal and a close below the T-line. There are still a few good shorts working, i.e. RIOT. The next major criteria requires the market indexes to get to new highs before witnessing another major reversal signal. A failure of reaching a new high over the next couple of weeks would put the market indexes in a potential sideways/wedge formation. This would produce a sideways moving market.
February 20th Daily Market Comments
The Dow and S&P are trading lower but the NASDAQ is trading higher, not indicating any major change of the current trend. The Dow and S&P 500 may be consolidating for a few days, a bobble pattern between the 50 day moving average on the T-line. Continue to hold long positions that have not indicated a candlestick sell signal and a close below the T-line. There are still a few good shorts working, i.e. RIOT. The next major criteria requires the market indexes to get to new highs before witnessing another major reversal signal. A failure of reaching a new high over the next couple of weeks would put the market indexes in a potential sideways/wedge formation. This would produce a sideways moving market.