Good evening StockBandits!
Having rallied toward the prior (minor) bounce highs, the indexes appeared set for a bit of a setback today, particularly with the opening weakness we saw. However, it was short-lived and the bulls stepped in to prevent a slide. We saw lifts across the board, and although they were not significant, they may have carried some importance for the bulls.
Today’s rally was subtle, but it left a few of the indexes in shape to potentially break above some resistance levels in the coming days. Keep in mind, we’re still very much range-bound at the moment, so this is far from an all-clear signal. Rather, it’s a minor opportunity to exit one of the two ranges currently keeping this market contained (the internal range, you could say).
Bases are still somewhat sloppy out there and therefore I’m sticking with single-day plays heading into Tuesday’s session. There are a handful of setups which appear to have some valid levels that may be crossed, although until this range is in the rearview mirror I’m reluctant to add exposure unless the risk/reward looks exceptional. Selectivity is the word.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
