July 26th Daily Market Comments

Although the S&P 500 and the NASDAQ are trading lower, they are trading above where they opened, the NASDAQ supporting on the T-line, the S&P 500 supporting on the 3T-line. The Dow trading significantly higher clearly demonstrates the lack of any selling pressure in the markets. The Dow is forming a potential J-hook pattern making the top of the trend channel the likely target. This implies there should be more days/weeks of an uptrend.