Good evening StockBandits!
If you missed the opening half hour today, you essentially missed the entire move, because that’s when both the high and the low of today’s session were set. From there, we lifted from the lows but spent the majority of the day moving sideways. A few gaps got filled in, making that just about the only constructive thing to take place on the charts.
We’re still caught in trading ranges with a close eye on recent support zones. The NAZ and RUT continue to hold above their respective breakout zones from February, but elsewhere the DJIA and S&P 500 are sitting in close proximity to multi-week support. That means the mixed conditions are still very much with us, making it a less-than-ideal time for adding multi-day exposure. It’s just a matter of follow through, and when caught in trading ranges, we simply don’t get it!
On the swing front, I was taken back to cash today as remaining shares of RHI hit their adjusted stop. That makes me cash-heavy, which is really ideal in a trendless market environment. Until the major averages start sending more unified signals, I expect to stay nimble.
** The market will be closed in observance of Good Friday this week, making tomorrow the final trading session of the week. As a result, the next update here will be on Sunday evening.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
