Good evening StockBandits!
The major averages have seen tons of lateral price action of late, but last week they were each able to make a little more progress in floating up further from their late-March pullback lows. Some short-term resistance zones were cleared, and the moves higher within the trading ranges left the bulls feeling a bit better going into the weekend.
We still have yet to see greater-velocity moves showing up, and volatility is staying depressed (VIX is again sub-13), but the accumulation we’ve had in recent sessions certainly opens the door for an upside resolution in the days ahead to these multi-week trading ranges. Of course, breakouts still need to happen, and follow through in either direction has been distinctly absent of late. That is to say that nothing will be a given, it’s just that now it may not take a very big catalyst to produce more new highs.
Earnings season is getting underway, so it’s a good time to remind ourselves to keep a close watch on the earnings calendars. I prefer Yahoo! Finance and EarningsWhispers, and it’s never a bad idea to cross-check dates across multiple sources. I’m staying cash-heavy right now with this limited market follow through, although a breakout could certainly provide more swing opportunities – earnings permitting.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
