The hanging man signal that formed in the NASDAQ and the S&P 500 Yesterday provided a little bit of a warning of potential profit-taking if the markets opened lower Today. There are no significant signals in. Those indexes that would indicate a major change of investor sentiment, the NASDAQ is still trading above the 3T-line. The Dow is currently trading below the T-line. If it closes at the lower end of today’s trading range, that would show a breach of the Frypan Bottom trajectory that had been remaining above the T-line. That pattern requires the Dow to close above the T-line Today to maintain the Frypan Bottom Analysis. A close below the T-line would imply more sideways movement on a short-term time frame.
July 21st Daily Market Comments
The hanging man signal that formed in the NASDAQ and the S&P 500 Yesterday provided a little bit of a warning of potential profit-taking if the markets opened lower Today. There are no significant signals in. Those indexes that would indicate a major change of investor sentiment, the NASDAQ is still trading above the 3T-line. The Dow is currently trading below the T-line. If it closes at the lower end of today’s trading range, that would show a breach of the Frypan Bottom trajectory that had been remaining above the T-line. That pattern requires the Dow to close above the T-line Today to maintain the Frypan Bottom Analysis. A close below the T-line would imply more sideways movement on a short-term time frame.