Today’s positive trading is being created with a slow steady buying pressure, demonstrating more calculated buying decisions. This is allowing for numerous breakout patterns to perform i.e. WLK. The upper wedge resistance level for the indexes continues to be the likely target. Stay predominantly long with the expectation of another day or two to the upside approaching the upper resistance level. The NASDAQ actually opened at the resistance level and has backed off. It will be important to see if the NASDAQ stay relatively close to the resistance level while the other indexes are catching up. Always be careful of tweets. Put safety stop’s at levels that prices should not be trading back down through.
October 17th Daily Market Comments
Today’s positive trading is being created with a slow steady buying pressure, demonstrating more calculated buying decisions. This is allowing for numerous breakout patterns to perform i.e. WLK. The upper wedge resistance level for the indexes continues to be the likely target. Stay predominantly long with the expectation of another day or two to the upside approaching the upper resistance level. The NASDAQ actually opened at the resistance level and has backed off. It will be important to see if the NASDAQ stay relatively close to the resistance level while the other indexes are catching up. Always be careful of tweets. Put safety stop’s at levels that prices should not be trading back down through.