Good evening StockBandits!
Turnaround Tuesday was in full effect today as the bulls took a bit of a “snow day” for themselves with stocks giving up substantial ground. Funny, it’s 75 and sunny and literally not a breath of wind here in DFW. It’s gorgeous, and as it turned out, it would have been a better day for the golf course than the screens! Nonetheless, stocks moonwalked away from their short-term resistance zones, finding comfort in their respective trading ranges just as they have on so many other days of late.
Although this reversal-prone price action can be a little annoying with the occasional headfakes it produces, in the bigger picture it may actually prove beneficial. The more time spent between key levels, the more valid they become, and eventually the more valid a breakout may prove to be. For now, lateral is still the trend so there’s nothing to get excited about yet.
We’re getting into the thick of earnings season, so many individual names are grabbing the headlines from day to day. Tomorrow we also have an FOMC announcement and accompanying policy statement, although it’s again going to come down to the trading range boundaries and whether or not there’s enough motivation to cross them.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
