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Market trend

 
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candlestick1
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Joined: 27 Jun 2004
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Location: Houston, Texas

PostPosted: Wed Sep 20, 2006 1:05 pm    Post subject: Market trend Reply with quote

Both the Dow and the NASDAQ keep pushing the top of this trend channel of the past two months. Yesterday the Dow formed a hanging man signal. A lower open today would have confirmed that the downtrend was beginning. The fact that they've opened higher and moved higher negated the hanging man. But this is still a time to be relatively nimble. The Dow showed for indecisive trading days prior to Wednesday's bullish move. The indexes need to close at the higher end of the trading range. A close near the low end of the trading range would indicate another sell signal, another shooting star signal. The feds are about ready to announce, that should have some affect one-way the other. Either they back the markets off from this trend line or the blast through the trendline.
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