Good evening StockBandits!
There could just as easily be a sign in the proverbial window of this market with the words “Help Wanted” on it. That’s what this market needs: a little bit of help. Help getting through and free from upper resistance. Help turning back down to continue the range. Anything. Instead, both bulls and bears alike remain short-handed and unable to take care of business in the manner in which they had hoped.
Today’s action was again very quiet, much like Tuesday with continued light volume and narrow ranges. Although the volume certainly differs, the price action itself is reminiscent of what we saw right after Christmas. During that time, price was coming off a solid advance and was due for a breather. Rather than finding renewed strength afterward, prices rolled over hard. Time will tell whether this occasion plays out differently, but with the S&P 500 and RUT each struggling to get free of recently-cleared resistance zones, it’s not something the bulls should take lightly.
The standouts remain the NAZ and the DJIA. The former has created some space between current prices and former resistance, while the latter still has yet to achieve a new high – the only index among the 4 I watch to claim that distinction.
I’ve got a number of charts on watch and am content to let those patterns develop further, especially in what is for the moment a market lacking conviction.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
