July 12th Daily Market Comments

After Yesterday’s Hammer/Doji type days in the indexes, bringing the indexes backup above the T-line, it was very important to see the markets open positive to confirm that the Bulls were still in control. The gap up in the indexes Today is showing very strong Bullish confirmation. The Dow is in the process of forming a slow curve/J-hook Pattern set up. The S&P 500’s Gapped Up through the downtrending resistance level. The NASDAQ is also Gapping up pushing through the Downtrending resistance level. The indexes obviously need to maintain their strength going into the end of the trading day to confirm these strong pattern implications. That would imply the consolidation of the past month is likely over.