June 15th Daily Market Comments

Today’s bullish trading is creating possible candlestick reversal signals. Possible meaning if the markets continue to hold up going into the close, ┬áthe NASDAQ will have shown a Doji reversal off the 200 day moving average. The S&P 500 will show a Doji reversal off the 50 day moving average and the transportation index will have formed a bullish Harami, indicating a trend channel could be in progress. The only caution indicator is the stochastics not yet into the oversold area, implying there may still be a day or two of consolidations in the lower trend ranges before a sustained uptrend might be starting. It will be important to see how the markets act going into the close.