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Showing Early Positive Signs August 31, 2019

Posted by Tom in Thoughts.
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Aug 30, 2019 – OK, this will be short and to the point.  I’m now seeing signs of possible “stopping action” for this correction.  The chart below shows Market Sentiment (top) followed by Money Flow and Volume Flow beginning an up trend.  That’s encouraging, but we still need confirmation.  I feel that confirmation will be when the NASDAQ Composite Index closes above the 8048 level (dashed green line; click to enlarge chart).

That could come early next week as many traders return from the (US) Labor Day holiday.  Until price action confirms we must assume continuity, that is a market in a trading range with a negative bias.

One thing that helps confirm a possible market change is the table below.  I note that the more defensive sectors have moved out of the top ranks.  I have begun to nibble on a few stocks that have shown good strength relative to the overall market, plus have good price action.

Have a good week; even though the US markets will be closed on Monday, foreign market will be open and will give us an idea how the US markets will open on Tuesday.     ……..  Tom  ………

Chart by MetaStock; table by http://www.HighGrowthStockInvestor.com.  Used with permission.

 

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