Today we finally broke out of a protracted bear market that has been a slow bleed experience. The Bulls should find encouragement. Tomorrow will be interesting to see what kind of followthrough they have to support this move.
2D, 5m. - Mar. 10 - The most interesting thing today was the breakout above the Bear Channel that is now into its fourth week. This was a clear break and signals a new Bull Potato. When we started this series Potatoes last from 3-5 days up or down and that was consistent. Recently we have experienced a protracted Bear Potato. Perhaps we can resume the old pattern. Notice the "anticipated symmetry" that helped with a late day successful trade. This is a common intraday market behavior that can often be taken advantage of. The "internals" need to cooperate and be on your side.
5D, 30m. - Mar. 10 - There was a clear breakout from the former Bear Channel (19 Day Bear Potato). This move is "Central" to the Potato Trader theme of Moving Average Crossovers and Swing Potato Trading. Intraday trades can be taken with more confidence if the underlying trend is appreciated.
10D, 60m. - Mar. 10 - New "Bull Potato" confirmed on Hourly chart. There was a failure of this move about 10 days ago but that has been rare. In general a new potato will prevail for several days or more. There are no guarantees.
3M, Daily - Mar. 10 - The trend is obviously down but there was a "breakout" above the upper channel trend line. The market remains below all major moving averages at this time. More work needs to be done to establish credibility in this market.Potato Peelings can be slippery. Watch you step!
PT
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