Yesterday the Dow formed a McMuffin signal, closing above the T line, a very strong reversal signal. So what was the next requirement? Bullish confirmation! Obviously that has not occurred. What is the current trend analysis? The downtrend resistance level has not been breached and if the indexes close at the low end of there trading range, they will be closing back below the T line. This indicates the downtrend remains in progress.
May 18th Daily Market Comments
Yesterday the Dow formed a McMuffin signal, closing above the T line, a very strong reversal signal. So what was the next requirement? Bullish confirmation! Obviously that has not occurred. What is the current trend analysis? The downtrend resistance level has not been breached and if the indexes close at the low end of there trading range, they will be closing back below the T line. This indicates the downtrend remains in progress.