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Daily Market Comments - August 2018

08/30/18 - Stock Market Comments

The early morning consolidation appears to be just that, consolidation. The indexes have opened lower today but mostly trading above where they opened, the NASDAQ actually trading slightly positive. This is not unusual for an uptrend, lower opens but then buying continues during the day.

8/29/18 - Stock Market Comments

The NASDAQ is showing the most bullish prospects today, forming another bullish Doji sandwich. Although the Dow and the S&P 500 are just trading slightly positive, they indicate there is no selling pressure yet in this market.

08/28/18 - Stock Market Comments

Today's market consolidation is the markets resting from yesterday's big day. The uptrend remains in progress without any indication of change of investor sentiment. Continue to stay predominantly long, with some short positions in the portfolio i.e.TSLA, CMG, BKE. Numerous frypan bottom and steady Eddie patterns continue to produce consistent profits.

08/27/18 - Stock Market Comments

Today's positive trading is confirming the NASDAQ breakout through a resistance level with a Doji sandwich last Friday. The Dow and the S&P 500 both gapped up through a resistance level after Friday's trading illustrated support at the T-line.

08/24/18 - Stock Market Comments

The T-line has demonstrated once again that it is an important support factor in the overall market trend. Today's positive trading illustrated the Dow and the S&P 500 using the T-line as support. The gap up Doji through a resistance level in the NASDAQ produces good evidence that a new wave to the upside is highly likely.

08/23/18 - Stock Market Comments

The markets appear to be in a consolidation stage, not trading higher but not trading with any definite lower trading. The NASDAQ is firing a warning shot. It was trading up above the breakout level earlier but now has pulled back below the breakout level, indicating the potential failure of moving to new higher levels.

08/22/18 - Stock Market Comments

In spite of all the political bombshells, the markets have pretty well continued their path. The NASDAQ is illustrated that the T-line was continuing to act as a support level. The consolidation in the Dow and S&P 500 showed that the 3T-line was a relevant support level. The prognosis remains the same, as long as the indexes continue to trade above the T-line, the uptrend remains in progress.

08/21/18 - Stock Market Comments

Yesterday, the NASDAQ was kind of the laggard of the indexes. Today the gap up in the NASDAQ has formed a Trend Kicker Signal, above the T-line, implying much more upside. The Dow and the S&P 500 continue to trade toward the top end of the trading channel.

08/20/18 - Stock Market Comments

Although the middle of August is considered the optimal vacation time, the markets remained somewhat bullish last week, the Dow especially. Expect at least one more week of vacation before the markets start seeing the activity picked back up. Fortunately, there are still numerous candlestick stock chart patterns that are producing good profitability even during the dog days of summer.
 

08/17/18 - Stock Market Comments

When it becomes hard to find any good trades, either long or short, you have to realize your in a lethargic summer trading day. It may be more worthwhile to go to the beach. Today's current trading does not reflect any major bullish or bearish trend indication.

08/16/18 - Stock Market Comments

After the market indexes bounced off the 50 day moving average yesterday and the transportation index close backup above the T-line, there was a strong indication any selling was going to be indecisive. Today's positive trading does not necessarily indicate there is going to be a strong bullish move, but it keeps the indexes in a sideways mode.

08/15/18 - Stock Market Comments

The escalating rhetoric of the trade wars has created a selling knee-jerk reaction that has taken the Dow and the NASDAQ back down to the 50 day moving average before starting to bounce back up. Obviously the lower open today indicated the potential bullish signals of yesterday were not going to confirm.

08/14/18 - Stock Market Comments

Today's positive trading in the markets still has to be watched with some skepticism. There are not any real reversal signals being exhibited in some of the indexes. It will be important to see how the markets close Today. A close above the T-line Today would indicate the upward trend channel is still the top prognosis. A close below the T-line would indicate the profit-taking/consolidation was still in progress.

08/13/18 - Stock Market Comments

Today's positive trading still needs to be viewed with some suspicion in regards to the Dow, it is still trading below the T-line. However, the NASDAQ trading much more bullish and trading above the T-line after the Doji at the T-line on Friday.

08/10/18 - Stock Market Comments

After the market indexes gapped up on Tuesday in the overbought condition and was followed by a couple more days of Doji's, that provided the suspicion the market was running out of steam and to be prepared for some profit-taking. The profit-taking in Today's trading is more likely than a reversal because the candlestick signals are demonstrating buying above where prices opened in the NASDAQ.

08/09/18 - Stock Market Comments

Another slow trading uptrending summer day, the NASDAQ trading positive, the Dow trading relatively flat. The bullish sentiment is being revealed with positive earnings reports shooting prices of individual stocks up dramatically, i.e. Roku, yelp. Continue to stay predominantly long.

08/08/18 - Stock Market Comments

Today's slightly lower trading in the markets are not necessarily showing any trend reversal indication, merely backing and filling during an uptrend. Currently the Dow is in a J-hook pattern. The indexes are staying above the T-line implying the overall trend remains in an upward direction.

08/02/18 - Stock Market Comments

The market indexes are still showing indecisive trading, the Dow is trading lower, the S&P 500 is trading lower but above where it opened and the NASDAQ after opening lower is now trading solidly positive, forming a potential left/right combo off the 50 day moving average.

08/01/18 - Stock Market Comments

After some early selling, the market indexes are now showing slow bullish participation. Investor sentiment appears to be remaining positive due to a good percentage of companies reporting better-than-expected earnings, i.e. AAPL. The NASDAQ did a bullish Harami/Doji right on the 50 day moving average. Today's positive trading implies at least a test of the T-line.

 

 

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