Good evening StockBandits!
Stocks took a bit of a breather today to digest the big post-FOMC move from Wednesday. The averages ended the day mixed, with the RUT and NAZ each maintaining their recent relative strength with modest advances today while the blue-chip S&P 500 and DJIA each retreated a bit to give back a little ground.
The word of the day was ‘respect,’ as we saw three of the averages turn away from key levels. The S&P 500 slipped slightly back below 2093, the NAZ stayed beneath 5008, and the DJIA backed away from 18100 – all just one day removed from attempts to clear those same levels.
The end result is that with the exception of the small-cap RUT, the indexes are still sitting beneath their recent highs. That means we’re still short-term range-bound, and the possibility remains that lower highs could be established if the bulls are unable to resolve this period of indecision to the upside.
Heading into Friday’s session with the market trying to rest and March Madness pulling attention away from PC screens and toward televisions, my focus is going to be on quick-flip candidates.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
