Afternoon Market Update for August 21, 2013

With the Dow and the S&P 500 forming Doji's Wednesday and the NASDAQ nudging the 8ema, there are still indications that there is not any severe selling at these levels. That will be clarified upon positive trading Thursday, confirming the Doji's in the Dow and the S&P 500 and moving the NASDAQ up above the 8ema. Additionally, there are numerous stocks moving positive Wednesday on strong chart patterns. This is another indication there is not any massive selling occurring. With the lack of aggressive selling indicators over the past two weeks, now that the markets are in the oversold condition revealing bullish reversal signals, be prepared to buy more long positions on positive trading over the next couple of days. Have a great trading day.