Good evening StockBandits!
Traders produced a minor lift right after the open this morning, but Friday’s highs held as resistance and we saw stocks retreat slightly into mid-day. Some afternoon buying took the indexes back near the flat line, where they ended the day mixed and little-changed. Volume was quiet as well, perhaps indicating that the bulls took a bit of a Spring Break.
Overall, we’re still dealing with some key levels as well as staying beneath the recent highs, which gives the market an opportunity to base in this area if it wants to. We’ve carved out a well-defined range for the NAZ, S&P and DJIA, so it’s difficult to expect much until we see an exit from these ranges in one direction or another.
I am starting to see more bearish charts emerge on my watch list, so should we happen to see a downside resolution, there will be some actionable ideas to shift to. Otherwise, the trend remains up and it just seems to be a bit of a lull here at the moment with momentum absent.
Heading into Tuesday’s session, there are a handful of names on my trade list but I’m considering them only for single-day trades due to a few factors: the market’s lack of momentum in either direction, the lack of clear-cut exit zones for these setups for a multi-day move, and the width of the patterns warranting wider stops than I’m comfortable with if they were swing candidates.
Bottom line: there’s not a whole lot out there looking poised for big moves at the moment, so I’m taking a select list into tomorrow’s session and will take these as they trigger for cash-flow types of trades.
I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
Video Stocks Discussed: SHAW, SPW, ANR, NFLX, JOY
Swing Trading Candidates:
NONE TONIGHT
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The Hit List is a separate post which contains discussion on open positions and swing trade stops and targets, so be sure to check it for further details on swing trades.
