Good evening StockBandits!
The norm over the past couple of months has been to rally toward resistance or retreat toward support, then turn tail for a few days. Thus, the status quo has been a few days in one direction, then a few days in the other. Ironically, the one constant in the market has been that regular change (of direction). It’s all a matter of support and resistance, and today didn’t change that. Having moved into close proximity of some upper key levels at the end of last week, today we saw a modest retreat from them, keeping the ranges very much intact.
As you know, the market is a very peculiar beast. When something becomes routine, traders tend to stick with it until, well, it doesn’t. Right now, that’s the mode this market is in. However, when the routine is altered, it can often bring a sizeable move as both sides (bulls and bears) abandon their positions in favor of the new direction. What we’re waiting on right now is that change to kick in. Until it does, expect more of the same.
I am finding a few more setups out there, which I’m encouraged by. My aim is to keep finding great risk/reward setups and stick with them, and with earnings season moving into the rearview mirror, more of them are coming available. Tonight, for example, I have a couple of new swing candidates. Seeing 5 names on the list almost seems like a lot, but only by comparison to the last couple of months.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
