The positive trading so far Today are forming bullish Harami’s in all the indexes. However with stochastics not quite in the oversold area, today’s positive trading still needs to be watched with a little skepticism. Obviously a bounce was likely. The bullish Harami forming in the Dow is occurring right at the 200 day moving average area, a logical support level, but it is not unusual to see a bounce early in the day after a big selling the previous day. Any long positions established today require bullish sentiment being maintained going into the close. Note that the current trading of the indexes are well below the T line. Confirmation of a bullish Harami as the possibility of a market bounce back up to the T line area. Again, this would be based upon bullish sentiment being maintained going into the close.
May 14th Daily Market Comments
The positive trading so far Today are forming bullish Harami’s in all the indexes. However with stochastics not quite in the oversold area, today’s positive trading still needs to be watched with a little skepticism. Obviously a bounce was likely. The bullish Harami forming in the Dow is occurring right at the 200 day moving average area, a logical support level, but it is not unusual to see a bounce early in the day after a big selling the previous day. Any long positions established today require bullish sentiment being maintained going into the close. Note that the current trading of the indexes are well below the T line. Confirmation of a bullish Harami as the possibility of a market bounce back up to the T line area. Again, this would be based upon bullish sentiment being maintained going into the close.