Weekly Watch list May 18th – May 22nd, 2020

The candlestick signals showed the 50 day moving average to be a support level for the Dow this week. The NASDAQ shows support at the bottom of its up trending channel and close back up above the T-line. Numerous sectors are still remaining strong. The Biotech’s and the mining stocks have been showing great strength during this slow market uptrend. Specialty retailers are showing good strong bullish patterns. As long as the market indexes stay in this slow steady uptrend, the strong candlestick patterns will continue to perform with good strength, without the prospect of any major selling putting a damper on the bullish sentiment in the strong sectors. The market trend is slow based upon the whipsaw action on a day-to-day basis, based upon the news and tweets coming out of Washington in relation to when the US economy will be allowed to open back up. Stay with the strong sectors.