Good evening StockBandits!
The indexes gained some ground last week to keep the pressure on the bears, yet when given the chance to break out and run higher, they didn’t. Maybe they were just teasing or maybe we’ll see that take place this week, but until we do, it’s a split decision. The RUT and NAZ have each made new 52-week highs in April, but the S&P 500 and DJIA are still reluctant to push beyond resistance and join the new-highs party.
As it stands now, trading remains tricky for a couple of reasons. The first is that we’re right in the thick of earnings season, so some nice setups must be skipped due to very narrow windows for them to make moves before their major fundamental scheduled news. The second is just the ongoing absence of unanimous market momentum where the moves have been anything but smooth and rhythmic. Instead, it has been gap-prone and spiky with day to day knee-jerk moves and limited follow through. Overall, we’ve moved higher in recent weeks, but not by way of multiple trend days.
This week we do have the FOMC meeting, announcement, and press conference on Wednesday afternoon, which may help to provide a directional catalyst. I’m not yet looking to abandon the quick-flip trades, at least until (1) a meaningful breakout occurs in unison, and (2) earnings season starts winding down.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
