Good evening StockBandits!
Another day, another tiny net change for the S&P! Today’s action was once again pretty uneventful with continued light volume, another narrow intraday range, and a finish very near last night’s closing levels. The NAZ exhibited the best movement as it added 20, and the RUT was next (+4), but the blue-chip indexes just couldn’t get it going either way.
We’re essentially sidestepping here, unable to make any real headway or retreat. That’s not necessarily a bad thing, as we’ve broken out across the board and are holding those breakouts. It’s just a minor concern that there’s nothing but blue sky above and we’re not overbought, yet stocks seem so reluctant to rip.
The market is rarely predictable, which I suppose makes it unpredictable, so it’s not as if it will constantly do what is expected. But I have to think that with each day we go nowhere, that participants become a bit more uneasy until we finally get more of an emotional move. The trend is still up, but there’s much room for improvement in this tape action.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
