Today’s lack of strength in the market indexes have not done anything to alter the candlestick bullish patterns that have developed over the past few trading days. All the indexes continue to trade above the T-line but the NASDAQ is not showing any great strength, currently forming a bearish engulfing signal and trading right on the T-line. Although the markets are still in an uptrend, there are signs of weakness. Continue to stay predominantly long but be prepared to take profits if all the indexes start showing weakness at the same time.
October 23rd Daily Market Comments
Today’s lack of strength in the market indexes have not done anything to alter the candlestick bullish patterns that have developed over the past few trading days. All the indexes continue to trade above the T-line but the NASDAQ is not showing any great strength, currently forming a bearish engulfing signal and trading right on the T-line. Although the markets are still in an uptrend, there are signs of weakness. Continue to stay predominantly long but be prepared to take profits if all the indexes start showing weakness at the same time.