When the markets or a stock price is not showing any decisive move, the T-line becomes a very important confirming indicator. Currently the Dow, the NASDAQ, and the S&P 500 are demonstrating potential J-hook pattern setups. What makes that analysis more compelling is the fact that each index has use the T-line for a support area, during the previous uptrend and for showing support for a J-hook pullback. The T-line makes for a very simple trend analysis. As long as trading stays above the T-line, the uptrend is assumed to be in progress.
May 8th Daily Market Comments
When the markets or a stock price is not showing any decisive move, the T-line becomes a very important confirming indicator. Currently the Dow, the NASDAQ, and the S&P 500 are demonstrating potential J-hook pattern setups. What makes that analysis more compelling is the fact that each index has use the T-line for a support area, during the previous uptrend and for showing support for a J-hook pullback. The T-line makes for a very simple trend analysis. As long as trading stays above the T-line, the uptrend is assumed to be in progress.