The markets are now in the overbought condition but not yet showing any observable sell signals. A positive trade talk tweet gave the indexes a quick boost but the market has backed off, currently producing a Doji type day. Expects some profit-taking but continue to utilize the T-line to show whether the trends have reversed or merely consolidating during an uptrend. These are market conditions that allow for taking profits and rolling into new stocks/sectors that may be ready for their next leg up. AMZN and AAPL trading positive today is another indication that there is not any major selling in progress in the overall market. Investor sentiment is still relatively bullish. Stay predominantly long but be prepared to lighten up.
September 12th Daily Market Comments
The markets are now in the overbought condition but not yet showing any observable sell signals. A positive trade talk tweet gave the indexes a quick boost but the market has backed off, currently producing a Doji type day. Expects some profit-taking but continue to utilize the T-line to show whether the trends have reversed or merely consolidating during an uptrend. These are market conditions that allow for taking profits and rolling into new stocks/sectors that may be ready for their next leg up. AMZN and AAPL trading positive today is another indication that there is not any major selling in progress in the overall market. Investor sentiment is still relatively bullish. Stay predominantly long but be prepared to lighten up.