More of the same today as the markets try trader’s patience. I remained convinced we’re going to break to the upside, but it’s still too early to place a bet in that direction.There are lower highs and lows on the Nasdaq 60 min, but there is also a bullish falling wedge forming. The Dow’s chart is much more sideways on this time frame. Today’s corrective move lower on the indexes felt a lot more scary than it really was.
Nasdaq McClellan Oscillator is suggesting more upside is coming.
In case you missed the live show last night with myself and Karen, you can listen here. There you will hear my take on the current market environment, one stock that I think will do well over the next 4-6 weeks (barring a complete market meltdown), and a little more about Astrology Traders.