October 4th Daily Market Comments

The low unemployment figure gave a bounce to the indexes. The NASDAQ has already bounced up and resistance at the T-line. The gap up reveals that investor sentiment is ready to be bullish on any good news. Today’s indexes need to stay above their open prices. Trading below that level would indicate the initial bullish sentiment is still not fully confirmed. Numerous short positions should have been closed out upon witnessing bullish reversal signals over the past couple of trading days. Long positions, if added, still require confirmation. The indexes need to trade with strength, near the high end of the trading range Today, to confirm bullish sentiment is activating.