Good evening StockBandits!
The moment of truth remains at hand for this market after a day of rest in which miniscule declines were posted in 3 of the 4 main averages. The NAZ was the only index able to finish green, although not by much. It tagged the November high to the number, then crossed the finish line just 13 points off the December peak. At this point, we could be just hours from a breakout from this trading range of the past 2+ months.
Likewise, we could be just hours from a continuation of the same trading range, should prices happen to retreat in the same fashion as they have previously! That’s just the way it is when prices are stuck in channels or trading ranges and a boundary has been approached. We absolutely must wait for a breakout to arrive, and ensure that it’s unanimous and not just a single index if we expect it to stick.
With earnings season essentially behind us for the most recent quarter, there are more swings starting to surface, which I’m definitely encouraged by. Tonight I’ve added another to the list, and will continue sharing what I’m finding in the way of highest-quality setups with favorable risk/reward profiles.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
