The stock market hasn’t really move much today and is the news who are keeping the index in positive territory. Rumors of an imminent pull back have prompted investor to be cautious or take out some profit. Meanwhile late comers and optimistic investors are betting for a higher index.
Would the market go higher?
The market is in the best position to expand and leave behind the recovery phase.
Wall Street chart is in a very positive moment, with all indicators pointing to higher levels. A new support level could be forming if the index manages to keep gains today and early next week, forming like this a higher resistance. Yesterday a Long Lower Shadow candlestick pattern was formed.
Long Lower Shadow A candlestick either colour is formed with a lower tail 2 0r 3 longer than its body. Theoretically is bullish signal when it appears around price support levels.
Wall Street current price: 14369, 25.5 point higher than yesterday when the candlestick pattern was formed.