Today’s positive trading is strong enough to bring the Dow and the S&P 500 back up through the T-line after forming piercing signals yesterday. The transportation index is forming a good MorningStar signal at the 200 day moving average. The NASDAQ has gapped up after a piercing signal off the 50 day moving average and is currently nudging the T-line. A bullish reversal still requires a close near the top end of today’s trading range in the indexes. Numerous short positions should of been covered on the bullish trading/gap ups after a candlestick reversal signals yesterday. Committing to heavier long positioning should not take place until Today’s bullish trading confirms.
June 29th Daily Market Comments
Today’s positive trading is strong enough to bring the Dow and the S&P 500 back up through the T-line after forming piercing signals yesterday. The transportation index is forming a good MorningStar signal at the 200 day moving average. The NASDAQ has gapped up after a piercing signal off the 50 day moving average and is currently nudging the T-line. A bullish reversal still requires a close near the top end of today’s trading range in the indexes. Numerous short positions should of been covered on the bullish trading/gap ups after a candlestick reversal signals yesterday. Committing to heavier long positioning should not take place until Today’s bullish trading confirms.