Good evening StockBandits!
The major averages tumbled further today with the weakness being blamed on renewed concerns of Europe. That created a new pullback low for the NAZ, while the other indexes held above recent support.
Intraday, we did see a modest recovery attempt off the opening-hour lows which erased some of the day’s losses. However, last week’s gains for the S&P were negated with today’s decline. All eyes now turn to the April 10th lows, which could make for an interesting few sessions in the days ahead.
The character of the market has shifted, and it’s worth noting here again. We had been in an environment of steady upward movement, which we’re no longer seeing. More importantly, what we had grown used to seeing was aggressive dip-buying, and that’s no longer taking place. In recent weeks since the NAZ and DJIA failed to clear the March highs, we’ve seen every bounce get used for selling. That has resulted in a wide trading range which we’re currently in the lower portion of after today’s slide.
I’m finding it difficult to locate high-quality setups tonight in individual charts. This week is heavy in terms of earnings, as 36% of the S&P 500 is reporting. That’s a slew of scheduled news on top of economic and geopolitical events, and it could keep the landscape choppy. My approach will be to stay selective and not force trades. I’d rather wait for better setups before becoming more aggressive, so I”ll take what the market offers – even if it’s only a few setups.
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: WHR, DNKN, CHK, NFG, ROK
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.
