Yesterday’s breakout of the sideways channel in the indexes indicated a new bullish dynamic in the markets. So far today, the early consolidation was not unexpected but since that early selling stopped, a slow steady uptrend has continued in the market. This is providing a solid trend that is allowing current recommendations to perform. CLDR indicates a 45°, strong uptrend. LCI 45° is now exhibiting possible exuberance. Watch for profit-taking sell signals. The gap up through the resistance levels in yesterday’s trading reveals a strong potential of a new wave to the upside. The portfolio bias should be predominantly long but short positions are still working well.
September 6th Daily Market Comments
Yesterday’s breakout of the sideways channel in the indexes indicated a new bullish dynamic in the markets. So far today, the early consolidation was not unexpected but since that early selling stopped, a slow steady uptrend has continued in the market. This is providing a solid trend that is allowing current recommendations to perform. CLDR indicates a 45°, strong uptrend. LCI 45° is now exhibiting possible exuberance. Watch for profit-taking sell signals. The gap up through the resistance levels in yesterday’s trading reveals a strong potential of a new wave to the upside. The portfolio bias should be predominantly long but short positions are still working well.