Good evening StockBandits!
Last night, the averages looked to be largely on the verge of a potential breakdown, so the swan dive we saw right off the opening bell this morning no doubt sparked a little concern for the bulls. The selling disappeared quickly after just a half hour, and from there we saw another intraday reversal. The afternoon was characterized by some choppy, range-bound price action before one more spurt higher to end the day right near the highs. All of this happened after a gap opening! It was the Sampler Platter of markets, you could say.
So while it was an eventful ride, at the end of the day we’re still caught in the range, as nothing changed on that front. Support is still getting defended, and resistance has held firm in recent weeks. Anytime we get stuck in these indecisive phases, it’s easy to get frustrated and wonder if we’ll ever get another move which is characterized more by continuation than confusion. It’s therefore a good idea to remember that these times are part of how the market works, and all this choppiness will eventually lead to some smoother sailing (trending) sooner or later.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
