Good evening StockBandits!
The slow creep higher continued today as the S&P 500 went for its 5th straight gain. Meanwhile, the NAZ and DJIA each made it 4-out-of-5 with modest gains as well. The bulls certainly haven’t yet shifted into profit-taking mode, but the pace of this advance has certainly slowed in the past few sessions. Whether that means we’re in for a sudden shift of momentum or simply a rest phase isn’t clear yet, but there is still plenty of resistance yet to be cleared overhead. We’ve seen impressive gains from the February lows, which weren’t created very long ago. At some point, this market will find it to be tough sledding on the upside, but at the moment the bulls are still in the driver’s seat.
It’s been a tough week for finding high-quality setups thus far, but there were a few tonight I like the looks of as we head into the final session of the week. There is the economic situation in the premarket which could lead to a gap in either direction tomorrow, so we’ll need to keep watch on that. Perhaps we’ll see some better price action and greater momentum to close out the week. I’m eager to see more patterns of good quality, but the one-way nature of the price action of late has prevented those from being constructed on the daily charts. I would suspect next week shows us improvement in that regard. Make the most of your Friday!
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: MTG, PL, CENX, PKX, FSLR
Swing Trading Candidates:
FSLR has bounced recently from its lows, but the volume has declined throughout the duration of the bounce. Price is now leaning on a rising trend line, which if broken, would indicate another short-term high has been established. I’ll be using a break of the rising trend line at $107.25 as a trigger price for a short entry.
Bullish Watch:
MTG, H, UAUA, APL, DTG, SNDK, NTGR, CSTR, DBRN, PL, IPG
Bearish Watch:
CENX, PKX, FSYS, RL, AMAG, HAR, SNI, CFI, FSLR, HXM, FCN, ANW, JOE, CSKI
The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.
