Good evening StockBandits!
The market got off to a very weak start this morning as futures traded considerably lower. The gap down open wasn’t met with any additional selling, or buying for that matter, as it apparently left many traders somewhat stunned and uncertain of what to do. Given all the recent indecision we’ve seen, that’s no big surprise. Ultimately, the indexes caught an afternoon bid which was ridden all the way to the close. That erased nearly all the day’s losses, leaving the indexes only fractionally lower by the closing bell.
Today’s action helped to further validate the short-term trading range boundaries we looked at last night, but no new technical developments emerged. Instead, it was another day spent inside the short-term range, so we’re still awaiting a move one way or the other to get out of it. The early weakness and late strength point to a continued reluctance of this market to pull back, but the bulls haven’t pressed prices higher either.
Until one of the boundaries gives way, we can expect more noise and indecision within this range. As a result of the indecision and tomorrow’s slew of economic reports, I’m looking to keep my timeframe for new trades short heading into Friday.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: IT, MED, DPZ, HUN
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
JDAS, IT, WLP, MED, CAKE, WFMI, SMCI, DPZ, APH, HUN, LZ, TASR, JAH, AEZ, LFL, SY, NIHD, PLL, CLF, ARO
Bearish Watch:
TIF
The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.
