The indecisive pullback in the markets over the past week was an indication that there was not any aggressive selling sentiment in the market. Today’s positive trading, especially in the NASDAQ, indicated the markets were ready to turn bullish on any good news. Today’s job report provided that stimulus. If the markets maintain strength going into the close, demonstrating that they will close above the T-line today, there would be good probabilities wave three of a J-hook pattern was starting. Currently the markets are trading at the low end of their range. It will be important for a bullish trend to have strength exhibited going into the close. The T-line remains a critical analytical tool.
March 10 Daily Market Comments
The indecisive pullback in the markets over the past week was an indication that there was not any aggressive selling sentiment in the market. Today’s positive trading, especially in the NASDAQ, indicated the markets were ready to turn bullish on any good news. Today’s job report provided that stimulus. If the markets maintain strength going into the close, demonstrating that they will close above the T-line today, there would be good probabilities wave three of a J-hook pattern was starting. Currently the markets are trading at the low end of their range. It will be important for a bullish trend to have strength exhibited going into the close. The T-line remains a critical analytical tool.