The Dow is showing excessive strength, a trend Kicker signal Today. But the NASDAQ and S&P 500, although trading positive are not showing any great strength from where they opened. Yesterday’s big bearish engulfing signal in the NASDAQ was the first major sign of sellers coming into the market. The uptrend is still in progress but there are definite signs of consolidation/weakness. Continue to hold long positions that are not showing sell signals and/or trading back below the T-line. The exuberance being exhibited in the Dow needs to be carefully watched. Be prepared to take profits on any indications of candlestick sell signals being confirmed.
October 24th, Daily Market Comments
The Dow is showing excessive strength, a trend Kicker signal Today. But the NASDAQ and S&P 500, although trading positive are not showing any great strength from where they opened. Yesterday’s big bearish engulfing signal in the NASDAQ was the first major sign of sellers coming into the market. The uptrend is still in progress but there are definite signs of consolidation/weakness. Continue to hold long positions that are not showing sell signals and/or trading back below the T-line. The exuberance being exhibited in the Dow needs to be carefully watched. Be prepared to take profits on any indications of candlestick sell signals being confirmed.