The strength of this uptrend is revealed by the backing and filling/profit-taking that occurs during the uptrend. The J-hook Pattern in the Dow illustrates profit-taking last week followed by new buying this week. The NASDAQ demonstrated two weeks of consolidation before the strong best friend signal showed new buying. The confirmation that there was merely profit-taking versus a market reversal was demonstrated by the transportation index. It’s steady uptrend, staying above the T-line, indicated there was no major change of investor sentiment. Today’s positive trading in all the indexes continues the uptrend without any indication of a change of investor sentiment. Stay predominantly long.
October 3rd Daily Market Comments
The strength of this uptrend is revealed by the backing and filling/profit-taking that occurs during the uptrend. The J-hook Pattern in the Dow illustrates profit-taking last week followed by new buying this week. The NASDAQ demonstrated two weeks of consolidation before the strong best friend signal showed new buying. The confirmation that there was merely profit-taking versus a market reversal was demonstrated by the transportation index. It’s steady uptrend, staying above the T-line, indicated there was no major change of investor sentiment. Today’s positive trading in all the indexes continues the uptrend without any indication of a change of investor sentiment. Stay predominantly long.