Good evening StockBandits!
The short-term bounce of the previous couple of sessions temporarily extended into a third day today, but stocks ran out of steam and reversed their gains by the closing bell. That’s typical price action when caught in a trading range, so it’s really not that surprising. In fact, the NAZ now has a trio of twos in recent sessions with two up, two down, two up. That’s choppy action at its finest, and we have nothing yet to suggest that it’s over.
Today’s reversal into negative territory certainly wasn’t an ugly one, as each of the averages ended with single-digit declines. It does, however, remind us that follow through is scarce right now in all but the most momentum-driven names, as the vast majority of stocks are caught in ranges much like the averages. I posted 20 charts to StockTwits today (https://stocktwits.com/thestockbandit) today highlighting trading ranges, as they are rampant right now.
I’m sticking with short-term flips until better setups and/or conditions surface.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
