Today’s gap up in the indexes broke out of trading ranges/resistance levels. This now add credence to the large bullish engulfing signals/left/right combo signals of last week. Assume the uptrend is back in progress with the indexes trading well above the T line. Provided the indexes continue to maintain good strength today. The uptrend would be negated on hard selling from the open, bringing prices back below the breakout levels. Numerous short positions have been covered over the past couple of days based upon the appearance of reversal signals confirming. The recent long recommendations are working.
October 18th Daily Market Comments
Today’s gap up in the indexes broke out of trading ranges/resistance levels. This now add credence to the large bullish engulfing signals/left/right combo signals of last week. Assume the uptrend is back in progress with the indexes trading well above the T line. Provided the indexes continue to maintain good strength today. The uptrend would be negated on hard selling from the open, bringing prices back below the breakout levels. Numerous short positions have been covered over the past couple of days based upon the appearance of reversal signals confirming. The recent long recommendations are working.