Good evening StockBandits!
The major averages saw a minor lift today, turning higher after Tuesday’s pullback. This back-and-forth price action might make conditions somewhat whippy for those looking under the microscope, but for the bigger picture, it’s very healthy. It’s creating a short-term consolidation, which is a great way to digest the big move we saw last week without giving back much ground.
We’re still seeing this market respect technical levels, which is very encouraging. Last night I pointed out 2237 as short-term resistance for the NAZ, and that exact level marked today’s high. While it’s nice to be right, it’s even nicer to be trading in an environment where the technicals carry some validity.
From a momentum standpoint, the indexes look healthy as well. The intense buying we saw last week led only to a 1-day pullback (yesterday), before buyers stepped back into the picture today. That may point to a move through those key levels sooner rather than later, although a little more rest would be ideal to build a slightly larger base before a breakout is attempted.
Many more charts are setting up with tradable patterns, and another day or two would do wonders when it comes to helping those patterns mature. We may not get it, but for Thursday there are still some setups of interest that I’ll be looking to participate in.
I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: FOSL, VMW, AMZN, BXP, MA, XEC
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
TSLA, FOSL, AEO, HGSI, RDC, CMG, AMZN, HCP, GILD, TKR, VMW, PANL, CRM, NR, SRCL, DPZ, LFL, BXP, BORN, SPRD, WLL, AUXL, AGCO, EJ
Bearish Watch:
MMR, DLB, LFG, ATHR, ECA, CBOE, XEC, CREE, CSTR, MA
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.
