Good evening StockBandits!
Once you’ve completed a big project, it’s easy to feel deserving of some lazy time. Finish the yard work, head to the couch, right? Well, today felt just like that in the market as the bulls essentially chose not to work after making nice progress last week. The end result was no progress and narrow-range bars across the board with minor gains eroding in the final minutes to finish just below the flat line.
On these technically insignificant days, it’s easy to have the urge to just find something about the day to gauge it, but this isn’t one to put under the microscope. Volume was light, the day was marked by indecision, and we essentially went nowhere on a closing basis. Anything beyond that is most likely over-analyzing, which has never made a trader money.
My take is to accept it as a day of rest, and stick with the best setups I can find for tomorrow’s session. Overall, I’d still like to see unanimous breakouts (S&P 500 and DJIA are each lagging in that regard), and to stay selective and short-term until that occurs.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
