Good evening StockBandits!
The indexes dipped today again, with the NAZ closing beneath its immediate uptrend line at 2972 while the S&P was able to finish right at its uptrend line of 1364 highlighted here last night. The NAZ tested the February uptrend line as well and briefly undercut it, but was able to hold the 2945 level on a closing basis.
Today’s weakness came primarily in the morning, but prices stabilized in the afternoon as the dip buyers emerged once again. They were able to lift stocks off their lows, but the intraday rebound wasn’t impressive. Interestingly, the RUT, which had broken down out of its multi-week channel last week, actually posted a minor gain in today’s session as it held 800.
While today’s decline wasn’t a big one, it did negate a few of the bullish setups out there, including TEN which I had listed for a potential swing trade last night. That play has been removed as it now no longer looks as bullish and did not trigger an entry. I’ll continue to stay selective with new swings, while generally sticking with shortened timeframes for new trades – as will be my focus for tomorrow’s session.
I also wanted to be sure to point you toward today’s special post here inside the Hideout. I was asked to write an article for an upcoming issue of Active Trader Magazine, and wanted to share the article here with subscribers first (not on the blog or anywhere else) about a newer pattern I’ve found lately that I think will help you. Check it out and let me know what you think!
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: DO, HOT, CBD, SLXP, OII, NUS, SHAW, ATI, BIDU
Swing Trading Candidates:
NONE TONIGHT
[table “233” not found /]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.
