Good evening StockBandits!
The indexes kicked off the new week with more indecision today as we saw prices unable to gather momentum in either direction. The NAZ and S&P 500 both gave up a few points, leaving them just a short distance beneath recent resistance zones at 2802 and 1332, respectively.
Following the big bounce from the March lows, we’ve seen plenty of stalled-out price action which quite easily by now could have led to some accelerated profit-taking. Instead, the market is holding in there rather well, not giving back much ground at all as it digests the recent run up. That’s very positive for the bulls at the moment, so I’m still going to keep a close eye on the resistance zones just overhead for a potentially bullish signal if cleared.
Earnings season is starting to kick off, although it will be a couple more weeks until we’re really in the thick of things. At any rate, it’s a good reminder to keep a close eye on the earnings calendars here and here, simply to avoid any surprises.
As this rest phase persists, it’s allowing more bases to build on the charts of individual stocks. While that’s making things choppy and uneventful at the moment, eventually it should lead to some productive price action, which is positive. The key is to allow the patterns to mature, rather than making anticipatory bets and hoping the market proves you correct.
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: COV, FO, BRKS, OCR, QCOM, NVDA, LEA
Swing Trading Candidates:
NONE TONIGHT
[table “22” 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.
