Today’s lack of conviction in the markets continues to reveal consolidation/profit-taking after a nice strong bullish move over the past four weeks. Be prepared to take profits on confirmed sell signals. However, numerous bullish charts are not showing any strong reversals, merely sideways consolidation. Candlestick charts allow investors to visually witness when the selling has definitely taken control. Until that time, hold long positions.
July 19th Daily Market Comments
Today’s lack of conviction in the markets continues to reveal consolidation/profit-taking after a nice strong bullish move over the past four weeks. Be prepared to take profits on confirmed sell signals. However, numerous bullish charts are not showing any strong reversals, merely sideways consolidation. Candlestick charts allow investors to visually witness when the selling has definitely taken control. Until that time, hold long positions.