Good evening StockBandits!
The bulls apparently didn’t have enough inspiration today as they hesitated to build on the breakouts we saw at the end of last week. Instead, it was a quiet session with narrow intraday ranges and a finish right near UNCH for the S&P.
Between the opening and closing bells, we had well-defined ranges and a lateral trend. The silver lining is that we did close right near the best levels of the day in 3 of the 4 averages, suggesting that even on a day of rest that there were bidders present. The NAZ made in 9 straight, adding just a little bit of extra padding to its mid-February breakout.
At this point, some upside follow through is still needed in order to not only confirm last week’s breakouts, but also to create a little space between price and those former resistance areas. Otherwise, it wouldn’t take much of a dip to create a failed breakout situation, thereby perpetuating the trading ranges we’re just now trying to leave. The averages seem to be hankering for higher prices, but just maybe need a little help.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
