Good evening StockBandits!
With the market pulling back last week, and even right off the open this morning (NAZ gap fill), the dip-buyers emerged to stem a continued selloff. While today’s gains weren’t outrageous, they remind us that the bulls haven’t walked away.
Tonight, the averages are mixed when it comes to their proximity to recent key levels. The NAZ and RUT are each above their respective February breakout zones, although not even to the same extent (NAZ has room, RUT does not). Then we have the S&P 500 and DJIA, each within 1% of their respective February breakout zones, yet beneath them (2093 and 18103, respectively).
As such, momentum remains elusive. We’re not getting great unity among the averages in the moves we’re seeing, and we’re still range-bound, whether over the course of a few weeks in the NAZ & RUT, or over the past few months in the case of the S&P and DJIA.
This is a good time to keep some ideas handy on both sides of the tape, so be sure to review the Bullish & Bearish Watchlists down below if you have a spare minute or two.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
