Good evening StockBandits!
This is the week when students head for the beach, and apparently so do the bulls. The minor advance we saw Monday created inside bars across the board, and today those were confirmed as continuation bars with another selloff similar to Friday’s.
Today’s decline was a bit more intense, but in both cases we saw retreats greater than 1% and above-average volume which exceeded the previous day’s advancing volume. As of tonight, only the NAZ stands above its December high, while the other 3 averages are working on filling gaps and slipping further into the former trading range.
With the potential for a continued slide once again on the table, it’s a stick-and-move environment until proven otherwise. The breakdown negated quite a few bullish charts, which also warrants selectivity.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
