January 4th Daily Market Comments

Although today’s positive trading doesn’t show any great resiliency, it is showing good bullish candlestick signals both in the S&P 500 and the NASDAQ. The NASDAQ is illustrating a bullish flutter kicker type signal. If the NASDAQ closes above the T-line today, it will be providing more evidence the slow steady uptrend remains in progress with healthy profit-taking occurring along the way. Trading strategy remains the same, stay predominantly long and remain short in positions that are not showing buy reversal signals.