Although the Dow, NASDAQ, and S&P 500 are not showing any dramatic strength so far today, the lack of any major pullback continues to reveal the bullish trend, coming out of a J-hook pattern, is still in progress. The most compelling bullish factor today is the transportation index up huge. This indicates bullish sentiment is still in control of the current trend. Until there is a major sell signal, it has to be assumed the uptrend remains in progress as long as the indexes continue to trade above the T-line, let alone the 3T-line.
July 16th Daily Market Comments
Although the Dow, NASDAQ, and S&P 500 are not showing any dramatic strength so far today, the lack of any major pullback continues to reveal the bullish trend, coming out of a J-hook pattern, is still in progress. The most compelling bullish factor today is the transportation index up huge. This indicates bullish sentiment is still in control of the current trend. Until there is a major sell signal, it has to be assumed the uptrend remains in progress as long as the indexes continue to trade above the T-line, let alone the 3T-line.