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.

 

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