September 28th Daily Market Comments

Today’s positive trading is keeping the indexes above the T-line. The Dow and S&P 500 are setting up J-hook patterns with the Dow currently forming a left/right combo off the T-line. As long as the indexes remain above the T-line, with the prospects of forming a bullish J-hook patterns, the probabilities indicate the continuation of the uptrend. The bias should be toward the long side in the portfolio with any short positions being closely analyzed as to see whether they are starting to exhibit strength, causing a closing of these positions.