Good evening StockBandits!
With the major averages having reached the upper ends of their respective trading ranges (RUT being the exception), all eyes are on the breakout zones at the moment. Those are just a short distance away after the 2-week rallies we’ve seen, and anticipation is building as to whether or not the trading ranges will at long last be left behind.
If the ranges persist, then there may be a quick bout of profit-taking and cash-raising. If price is instead able to punch through resistance, then some acceleration may be seen as bears cover shorts and bulls face the opportunity to become more aggressive.
Today’s action didn’t line up for either scenario. Emotions were notably absent with a narrow intraday range and no significant dips or rips to speak of. The closing numbers tell an accurate story, which is that not much happened out there. The decision has been postponed, at least for another day, so we’ll have to stay right on the edge of our seats while awaiting a verdict.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
