Good evening StockBandits!
Monday was the 8th straight day for the S&P 500 to finish a different color than the prior bar, so needless to say, follow through has been hard to come by. Today we did see a little follow through with the second straight decline, although they’ve both been minor so far.
Today we saw an attempt at higher prices fail late morning and then a finish at the low of the day, so it was a poor finish more than anything. Some backing and filling may be in order though with the S&P and DJIA each having approached but not cleared their prior highs, so I’m going to suspend judgement. We still have a mixed market with the NAZ and RUT each performing better than the blue chips, so I’m remaining mindful of that until we see better unity among the averages.
With the market struggling to maintain momentum and with two of the four averages I watch still beneath resistance, I’m again sticking with some single-day plays as we head into Wednesday’s session.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
