Good evening StockBandits!
Stocks ended their streak of declines today with a solid rebound, although it was somewhat compartmentalized with today’s bars painting inside days on the daily charts. That’s not to say that we won’t see upside follow through, but simply to put today’s lift into perspective. The past few days have involved considerable weakness, and the increased volatility and wider range days had simply opened the door for a narrower range session like today’s to create an inside day. Upside volume also was lighter, which is something the bulls will be mulling over tonight.
The coming few days will be very important for the health of this market as we wait to see whether the bounce will fizzle and establish a lower high to indicate more weakness to come, or if instead another “routine” V-shaped recovery is getting underway.
As for me, I’m unwilling to make any predictions, and will just take it one day at a time and let the charts speak for themselves. For tonight, there are a handful of setups which interest me, so they’ll have my focus in tomorrow’s session.
** Tomorrow I’ll be putting out a Charts on Demand video if you would like to participate. Simply let me know which stocks you’d like to see added to the list, and I’ll do my best to include them. It’s just a watchlist review where I point out what I see in the charts – no predictions, just objective technical analysis. You can email me (jeff@thestockbandit.com) or post your tickers in the comments down below.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
