Good evening StockBandits!
The market offered a little something for everyone today with a downside opening gap, a quick gap fill (for the NAZ & RUT), a selloff to new lows, and a choppy grind higher from there. In the end, the indexes finished red across the board, but not by much.
Right now, the bulls are doing their best to maintain the low ends of the wide trading ranges we’ve established in recent weeks. There’s a sense that if we start to see more selling kick in, it could quickly accelerate as more traders identify continuation of the mild correction we’ve seen so far. At this point, we could work our way back up into the range from this area after what may prove to be a head-fake breakdown these past few days, or we could see more profit-taking kick in, which I believe would rapidly lead to more intense selling pressure.
Regardless of which direction this market heads, there are setups building for both bullish and bearish patterns. That means we should see more action soon in one way or another, but in the short term it’s important we allow those patterns to mature before seeking entries. I’ll spend some time in tonight’s video outlining those setups so you can not only put them on your watch lists, but so that you can also understand what it is I’d like to see in them before I feel they’re ready for 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!
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Video Stocks Discussed: PLCM, RAX, LCAPA, URI, UA, HSC, CF, MON, POT, MOS, XLNX, MCHP, SWKS, SVVS, KKR, WYNN, CSC, IPI
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.
