June 19th Market Direction
Today's gap ups, especially in the NASDAQ and the S&P 500, showed a continued bullish strength especially going into the close. The Dow provided a little bit of a signal with it gapping up at the end of a steady uptrend. This would indicate the probabilities of some profit-taking but that might only be for stocks in the Dow with the other indexes showing good strength and closing backup above the T-line. There are numerous market "Experts" warning of a severe profit-taking setbacks. The more this prognosis is professed, the higher the likelihood the uptrend will continue. Let the market tell you what the market is doing. This is one of the basic truisms the Japanese Rice traders preach. When the candlestick investor can analyze that the uptrend will continue, big profits can be made by acting more aggressively and individual stock charts that are showing strong candlestick patterns. There are specific signals and patterns that allow investors to start entering a trade immediately knowing what the probabilities will be as far as confirming/performing a chart signal or pattern
We will conduct a "Members Only" chat session tonight at 8:00 p.m EST.
The Candlestick Forum Team
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