Good evening StockBandits!
Today appeared to be a solid day on the surface with strength across the board, but something happened on a deeper level which is giving the bulls a little bit of a pep in their step tonight. With the post-gap dip having been bought this morning and then the closes near the highs of the session which followed, the averages are now poised for potential breakouts in the coming days.
Keep in mind, that doesn’t mean it’s going to happen, but simply that the bulls have put themselves once more into a position of power here which they may or may not choose to take advantage of. There’s still much to prove, like pushes past resistance and new-high closes to post, which won’t necessarily be easy. There are a lot of skeptics at the moment and that may invite some sellers as we approach resistance. However, the opportunity is now presenting itself for a breakout from the range.
Should we happen to see that, measured moves could be targeted based on the height of the trading ranges. I’m going to keep those levels in mind – just in case. As of tonight, that break still has yet to occur, and you know what that means: we’re still in prove-it-to-me territory.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
