Today’s trading should be considered consolidation. The Dow is trading positive while the NASDAQ is trading negative, not illustrating any change of investor sentiment of the current uptrend. As long as the indexes continue to trade above the T-line after last week’s strong bullish candlestick reversal signals, the assumption should be the uptrend remains in progress. Currently the Dow is trading above the 50 day moving average, which had been a potential resistance level. Stay predominately long until sell signals appear.
October 6 Daily Market Comments
Today’s trading should be considered consolidation. The Dow is trading positive while the NASDAQ is trading negative, not illustrating any change of investor sentiment of the current uptrend. As long as the indexes continue to trade above the T-line after last week’s strong bullish candlestick reversal signals, the assumption should be the uptrend remains in progress. Currently the Dow is trading above the 50 day moving average, which had been a potential resistance level. Stay predominately long until sell signals appear.