Good evening StockBandits!
The market was closed on Friday but econ data was released nonetheless, handing the futures reason to retreat. This morning, the stage was set for a pullback, but the opening bell rang and stocks promptly perked up like a flower after an April shower to erase their opening deficit and move into the green. Dip-buyers still exist, and that means there’s a chance that the short-term pullbacks may have ended. The bulls will need to hold support, but they’ve done it so far.
This of course changes nothing about the trading ranges we’re still caught in, and in fact – temporarily at least – it keeps them intact with support having held. Among each of the averages, resistance levels still loom, so it’s a one-day-at-a-time tape as we watch to see if stocks will fight back up and face those levels.
With the market still caught between levels, follow through is likely to remain elusive. With that in mind, I’m sticking with quick rentals and looking to keep exposure light until there’s a better tailwind to ride.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
