Good evening StockBandits!
Following Tuesday’s spanking, the bulls didn’t feel much like getting up and running today. They were able to slow the pace (and stop it in the case of the RUT), but that was about the extent of their accomplishments today. Choppy indecision reigned supreme throughout today’s session, with the morning low being tested twice in the afternoon – including at the close.
Perhaps the bulls are attempting to apply the brakes, but there was no resolve in the minor rebound attempts we saw intraday. It was like a stripped screw where each time you try to apply some pressure, it slips and ends up staying put. That leaves the bulls on their heels heading into Thursday’s session with potential for a deeper decline before a bounce is able to kick in.
This remains a flipper’s environment for the most part right now, and I’m not seeing much I’m willing to add just yet on a swing timeframe. As such, I’m sticking with some single-day candidates heading into tomorrow.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
