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.