Good evening StockBandits!
A morning lift kept the bulls locked in on the heels of last week’s advance, but by late-morning they had run out of steam. The pullback which ensued erased the gains, creating some high-level “tails” on the daily charts. The RUT tagged a new all-time high, while the NAZ, S&P 500 and DJIA each got within earshot of their previous bounce highs before backing off.
The big question on the minds of market participants tonight is whether this is simply some short-term fatigue or the start of a more meaningful pullback. The answer will only be known in time, but for now, it’s apparent that the trading ranges are staying intact – at least for the moment. That’s subject to change, but it’s been a reversal-prone environment for a number of weeks now, and today only seemed to further validate that.
With the market again ducking away from the opportunity to break out, I see no reason to be aggressive in the establishment of new positions. Indecision is still the primary emotion out there, which will continue to promote an overall lateral trend until enough emotion builds to change it.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
