August 17th Market Wrap-Up
Two weeks ago the markets showed bearish signals and close below the T-line. When it close backup above the T-line over the past few days, it needed the bullish confirmation of remaining above the T-line. Today's hard selling demonstrates the sellers have taken control, probably drifting the downtrend back to the 50 day moving average. Any long positions maintained in this market requires staying above the T-line. Short positions are obviously working well.
HBM and SCHN are examples of needing bullish confirmation to execute the trades. With the market opening lower, any new long positions needed to see definite strength. Otherwise, you can sit back and wait for bullish moves. Obviously, the short positions are acting well in this market. Expect more drifting to the downside during the dog days of summer.
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The Candlestick Forum Team
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