Good evening StockBandits!
The averages rallied sharply off their support areas last week, leaving them to face some important resistance zones as Friday approached. Apparently though, pushing just beyond their prior bounce highs was enough, because as soon as that happened, sellers arrived. The day ended in the red, and the Big 3 ended back inside their respective ranges.
These failed range-break attempts are nothing new, especially in the last couple of months. We’ve grown accustomed to seeing prices retreat toward support, only to rally, as well as seeing prices rally to resistance, only to sell off. And while it has certainly grown tiresome, the truth is that at some point we’ll exit this range and see a longer-lasting trend emerge. There is hope for that! So while we’re still caught in it, shorter timeframes are appropriate and turnarounds should still be expected. One side will eventually prove able to overcome the other.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
