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March 29th Market Wrap-Up

Although the market indexes traded fairly strong to the upside today, they are still in the range of indecisiveness. The high volatility in the market over the past week of trading demonstrates indecisive investor sentiment. Whereas a Doji illustrates indecision between the Bulls and Bears in one candle formation, indecision can still be demonstrated when there is bullish and bearish trading over a specific time frame. That has been illustrated in the past week of trading. The sideways trading of the market illustrated how the T line was continuing to act as a resistance level. However, the potential of the market trend reversing in this area is illustrated by the support occurring at the same level of the market supported in the first week of February. It will be important to see what the premarket futures are demonstrating at the open of Monday. The market trend reversal needs the confirmation of the indexes trading above the T line.

Knowing which direction the market will move with a high degree of probability allows candlestick investors to take advantage of the bullish and/or bearish charts that can be easily found with simple candlestick scanning techniques. When the markets are moving sideways, maintaining bullish trades or bearish trades requires the ultimate trend confirmation indicator, the T line. The T line takes the guesswork out of whether the Bulls or the Bears are in control. Identifying the best friend signal makes it easier to hold positions based upon the strength of the signal even when the overall market is not indicating a decisive direction. There are a small number of candlestick signal combinations that not only produce high probability direction but also high profitability trades.

 

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Good Investing,

The Candlestick Forum Team

 

 


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