Today’s positive trading has produced gap ups in the indexes. The Dow, which is been moving steadily up, has a gap up in the overbought condition. This would normally create an alert for some potential profit-taking. However, the gap ups in the NASDAQ, the S&P 500, and the transportation index provide strong Bullish Signals after some consolidation. Today will be a very bullish indication provided the indexes close at the higher end of their trading range. Currently, it has to be assumed the uptrend remains in progress as long as the indexes trade above the T-line.
June 19th Daily Market Comments
Today’s positive trading has produced gap ups in the indexes. The Dow, which is been moving steadily up, has a gap up in the overbought condition. This would normally create an alert for some potential profit-taking. However, the gap ups in the NASDAQ, the S&P 500, and the transportation index provide strong Bullish Signals after some consolidation. Today will be a very bullish indication provided the indexes close at the higher end of their trading range. Currently, it has to be assumed the uptrend remains in progress as long as the indexes trade above the T-line.