The Dow and S&P closed positive yesterday, but more importantly all the indexes close backup near the high end of their trading range, staying above the T-line. Today’s positive trading if maintained going into the close is creating J-hook patterns in all the indexes. This is relevant with the calculation that wave three be in the same magnitude as wave one of the J-hook would put the indexes into new all-time high territory. The important factor is the trading above the T-line demonstrates bullish sentiment is still in control of the market trend. Stay predominantly long, any short positions should be watched more closely with the indexes continuing higher.
September 19th Daily Market Comments
The Dow and S&P closed positive yesterday, but more importantly all the indexes close backup near the high end of their trading range, staying above the T-line. Today’s positive trading if maintained going into the close is creating J-hook patterns in all the indexes. This is relevant with the calculation that wave three be in the same magnitude as wave one of the J-hook would put the indexes into new all-time high territory. The important factor is the trading above the T-line demonstrates bullish sentiment is still in control of the market trend. Stay predominantly long, any short positions should be watched more closely with the indexes continuing higher.