Today’s positive trading in the markets are helping to confirm bullish candlestick signals in the oversold area. Last week the market indexes produced a bullish Harami that was followed by a lower trading Doji. Today, bullish trading is confirming the Doji. If the markets close near the top end of their trading range today, producing a good solid bullish candle, that will produce more evidence the Bulls are starting to reengage, producing a basing area. The final bullish confirmation still requires the indexes to close backup above the T-line. Any buying in this area should be conscious of that T-line confirmation.
October 29th Daily Market Comments
Today’s positive trading in the markets are helping to confirm bullish candlestick signals in the oversold area. Last week the market indexes produced a bullish Harami that was followed by a lower trading Doji. Today, bullish trading is confirming the Doji. If the markets close near the top end of their trading range today, producing a good solid bullish candle, that will produce more evidence the Bulls are starting to reengage, producing a basing area. The final bullish confirmation still requires the indexes to close backup above the T-line. Any buying in this area should be conscious of that T-line confirmation.