July 10th Daily Market Comments

Although there is not any dramatic buying in the market today, the indexes reveal the confirmation of the bullish support demonstrated on Friday. The kicker type signal in the NASDAQ brought that index back up to the T-line. Today’s positive trading is currently forming a Doji above the T-line but resisting at the 50 Day Moving Average. The Dow continues to form a slow Frypan Bottom pattern using the T-line as a support level. The lack of selling pressure is illustrated by the biggies such as AMZN , NVDA, NFLX confirming the reversal signals that formed on Friday. This is another visual evidence that investor sentiment has not turn bearish. The lack of dramatic overall market direction still makes the analysis of each individual stock/sector the main priority.