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Daily Market Comments - November 2018

11/15/18 - Stock Market Comments

The Dow is not holding at the 200 day moving average, a viable support level. The other indexes are trading lower but currently well up above their lows of the day. Obviously there is nothing showing any major change of investor sentiment. With the indexes trading below the T line, continue to stay predominantly short until there is some evidence of a candlestick reversal signal.

11/14/18 - Stock Market Comments

Although the indexes are trading positive today, they are currently trading below where they opened. This indicates the lack of any dramatic bullish sentiment, merely a bounce. However, the transportation index is maintaining strength today after the inverted hammer/Harami at the T-line yesterday. Today's positive trading is bringing that index backup above the T-line.

11/13/18 - Stock Market Comments

The positive trading today is potentially creating a bullish Harami's in some of the indexes, but it will be important to see how things close at the end of the day. Bullish Harami's at the end of the day would give an indication that the overall market trend may be moving into a sideways/wedge formation is not making any dramatic market move one way or the other. This type of market condition still warrants having both long and short positions in the portfolio.

11/12/18 - Stock Market Comments

Friday's trading made today's analysis of the market direction relatively simple. After last week's gap up in the Dow followed by a Doji/Harami, followed by lower trading on Friday but the indexes closed at or slightly above the T-line indicated what was required for Today's open.

11/09/18 - Stock Market Comments

Yesterday's Doji in the overbought conditions of the market indexes implied that a lower open Today would indicate profit-taking has started. It appears as if the 3T-line has acted as the pullback support for the Dow and S&P 500, the NASDAQ is use the T-line as a support. If the indexes use those levels as support, it can be assumed that today is merely a profit-taking day versus any major change of investor sentiment in the overall market trend.

11/07/18 - Stock Market Comments

The elections apparently did not surprise anybody, the bullish direction of the markets continue. Keep watch! The Dow is currently trading at the 50 day moving average and the NASDAQ is trading up to the 200 day moving average. These levels need to be watched carefully as potential resistance levels. However, the S&P 500 has gapped through the 200 day moving average making the 50 day moving average a likely target.

11/06/18 - Stock Market Comments

Obviously, Today's trading is going to be very lethargic until the midterm elections are over. However, the Dow trading up 60 points and the NASDAQ doing a little J-hook pattern off the T-line demonstrate that bullish sentiment is still pervasive in this current market trend. Don't expect any major movement today but the premarket futures will be very informative tomorrow morning. Be ready to move one way or the other.

11/05/18 - Stock Market Comments

The Dow trading higher, the NASDAQ trading lower, under the influence of Apple selling off hard Today and all the political rhetoric about the midterm elections tomorrow. Expect a lack of decisiveness in this market until both get resolved. It appears as if the Dow blue chips are a place for safe haven while the high tech stocks of the NASDAQ are still be in sold off. Logic says to use each individual chart pattern as the top analytical priority.

11/02/18 - Stock Market Comments

The strong jobs report being offset by the lack of enthusiasm from the AAPL earnings report may create a consolidation day today, Friday trading after a strong week in the markets. Continue to hold long positions that remain above the T-line. There are numerous good strong bullish charts to pick from. Stay predominantly long but expect Today's trading to be fairly passive.

11/01/18 - Stock Market Comments

Today's positive trading is confirming the trend being above the T-line. However, there is one minor skepticism. The Dow and the NASDAQ started showing bullish direction but without a candlestick reversal signal.

 

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