A mixed weekly closure of major indices. Expect advance in DJI, NDX and SPX. RUT is likely to decline. Let’s have look into the candles details.
The upper row – daily candles, the bottom row – weekly.
The weekly formed a weak Inside Out combo and the daily failed to confirm Dark Cloud Cover. The bearish odds, albeit low. Expect a continued decline.
Both weekly and daily candles signal a continued uptrend for the next week.
The weekly has likely completed the tree week-pause (consolidation) before advancing higher.
The daily neither confirmed nor rejected the Piercing Line of the previous week. A decisive closure on Monday above $14850 or below $14800 would set a direction.
The weekly is a standard bullish continuation candle.
The daily is the bullish On-Neck pattern. Expect the rally to continue.
My multi-week buy alert issued on July 23 stands:
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