September 9th Daily Market Directions

The inverted hammer is the relevant signal Today. The NASDAQ formed an inverted hammer on the 50 day moving average yesterday. Today’s positive trading provides a good indication the 50 day moving average is going to act as a support level. This does not necessarily mean the markets are going to head straight up from here, the stochastics still need to start turning back up to confirm investor sentiment is not in the bearish mode. AAPL, AMZN, OSTK, NVDA are all trading positive after yesterday’s inverted hammer signals. There are still good long and short positions working. Be selective.