Today’s positive trading indicates the T-line is still acting as a bullish support level for the Dow. However more important, the NASDAQ is currently forming a bullish left/right combo right at the upper resistance level, producing the prospects of a bullish J-hook pattern breakout. This is a strong indication of the markets starting to move into new high territory. Stay predominantly long, any short positions require very compelling bearish charts to stay short. As long as the indexes continue to trade above the T-line, bullish sentiment is still the underlying factor in this market.
October 25th Daily Market Comments
Today’s positive trading indicates the T-line is still acting as a bullish support level for the Dow. However more important, the NASDAQ is currently forming a bullish left/right combo right at the upper resistance level, producing the prospects of a bullish J-hook pattern breakout. This is a strong indication of the markets starting to move into new high territory. Stay predominantly long, any short positions require very compelling bearish charts to stay short. As long as the indexes continue to trade above the T-line, bullish sentiment is still the underlying factor in this market.