Good evening StockBandits!
Things started out upbeat for the bulls this morning, with a gap-up open and some additional strength into 10a.m. ET, even ahead of a major week of scheduled news. That marked the high of the day, however, as stocks turned tail in 180-degree fashion, filling the gap by mid-day and grinding lower for the remainder of the afternoon. The NAZ got within 13 points of the all-time high, only to get rejected. Meanwhile, the S&P tagged a new all-time high, but was similarly shunned en route to a decline.
Maybe the bulls just aren’t quite ready to do it. We have many big earnings announcements on tap this week, as well as the FOMC on Wednesday, so there will be no shortage of potential market-movers. Today though, stocks just didn’t have what it takes, so the early strength faltered with ease.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
