Good evening StockBandits!
Friday’s session began with red right out of the gate, but ended very differently as prices turned tail after a half hour and never looked back. The 6-hour uptrend left each of the averages at new multi-year or all-time highs, depending on the index in question. Yes, even the DJIA broke out, at long last making it unanimous.
The stage is now set for the bulls to produce some momentum and make additional progress toward the measured moves projected out of the multi-month trading ranges. It won’t be given to them, but at this point the bears have very little firepower and confidence. Things can of course change at any moment, but this looks like the bulls’ game to lose at this point.
Ideally, we get some follow through here and get free and clear of the choppy, indecisive trading ranges and get some smoother price action. Better setups seem to be emerging by the day, and tonight I’m setting up a pair of new swings to add to my existing positions. I have my eye on a few cash-flow trades as well, each on the long side as my watchlists are pretty lopsided at the moment.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
