Good evening StockBandits!
A gap down open this morning left the NAZ and RUT each testing the areas of their February breakouts. Buyers emerged, slowly, providing support and enabling these indexes and the others to soon start recovering. All 4 of the indexes I watch were able to push into positive territory on the day by early afternoon, although they each ended the day modestly lower.
This initial test was therefore passed, although nothing is a certainty going forward. The battle at the moment is between blue-chips (S&P 500 and DJIA) and the more speculative stocks (NAZ and RUT), with no clear winner being determined yet. The former failed breakouts, whereas the latter have thus far held them, despite being perilously close to failing them earlier today.
It’s still a mixed market with some tension rising, so I’m sticking with single-day plays heading into Friday. I closed out a pair of swings today and am cash heavy while this indecision and digestion plays out.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
