January 9th Daily Market Comments

Nothing has changed investor sentiment, the slow uptrend in the indexes still makes the 50 day moving average the likely target. However, note that the daily candlestick formations are Doji/spinning top type days. This would indicate a more tentative bullish trend, making the 50 day moving average area a very important level to watch. A failure or an indecisive bearish signal at the 50 day moving average would confirm the slow uptrend did not have rampant bullish pressure. Stay long but be attentive. The uptrend could change dramatically if there are indications the trading agreements with China have turned sour.