The Doji in the Dow on Friday, a good distance away from the T-line, created the possibility of a lower open making the likelihood of a pullback to the T-line a greater possibility. Did the attack on the Saudi Arabian oil fields cause that result? Obviously yes, but also demonstrating investor sentiment be in overbought, negative news is more likely going to stimulate profit-taking/selling. But this is where analyzing the other indexes help to evaluate whether there is rampant selling in the markets. The NASDAQ, although trading lower, opened at the T line and showing bullish trading since the open. The S&P 500 is trading where it opened, not demonstrating any aggressive selling. Continue to utilize each individual stock chart as the main criteria. There is currently no signals showing the Bears are taking control.
September 16th Daily Market Comments
The Doji in the Dow on Friday, a good distance away from the T-line, created the possibility of a lower open making the likelihood of a pullback to the T-line a greater possibility. Did the attack on the Saudi Arabian oil fields cause that result? Obviously yes, but also demonstrating investor sentiment be in overbought, negative news is more likely going to stimulate profit-taking/selling. But this is where analyzing the other indexes help to evaluate whether there is rampant selling in the markets. The NASDAQ, although trading lower, opened at the T line and showing bullish trading since the open. The S&P 500 is trading where it opened, not demonstrating any aggressive selling. Continue to utilize each individual stock chart as the main criteria. There is currently no signals showing the Bears are taking control.