Good evening StockBandits!
The indexes posted minor gains for the most part today to kick off the new week. The NAZ was the standout with a 23-point gain, led by AAPL’s buyback and dividend news. Also of importance was the fact that the RUT finally made its way through multi-week resistance to close above 833 and make a new recovery high.
Following a choppy start, we saw some mid-day strength followed by a minor dip this afternoon which allowed the indexes to stay in the green. All in all, it was yet another positive session for the bulls as they retained their edge – both technical and psychological – over the bears.
With each passing day that we move higher, we’re creating more space between current prices and former resistance, which allows some freedom of movement for some profit-taking and/or basing action once it arrives. At the same time though, we’re creeping higher in what’s already a bit of an extended move with the NAZ now up almost 6% over the past 9 sessions. At some point a rest will kick in, and that will help to build some new bases and patterns. In the meantime, it’s important not to chase prices higher due to fear of being left behind.
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: PAY, AMZN, NFLX, ALXN, DECK
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.
