Good evening StockBandits!
The market gapped higher this morning on the heels of upbeat news from AAPL last night, as discussed here last night. Not surprisingly, the NAZ led the way higher on the day, but in each case the highs of the session were put in within the opening half hour. From there, we traded in the opening range for the remainder of the day.
On one hand, that’s not such a bad thing, as we did see the morning gap held (rather than sold into like other recent rallies have prompted). However, the bulls didn’t build on that strength much, and as a result we saw a choppy session without much momentum between the bells.
The FOMC seemed to drag on again, and ultimately didn’t spark any real reactions from traders today. Perhaps tonight all that news will be digested and lead to some better intraday action tomorrow, but suffice it to say today we saw no knee-jerk reaction to anything which was said.
The biggest thing to focus on tomorrow will be whether recent resistance levels will hold. Specifically, we have some highs from last week which we’ve gotten closer to, and those may produce some upside momentum if cleared. Conversely, we could see them hold as resistance and prompt some selling to keep the range intact. It’s possible we clear it to the upside, so keep an eye on those levels (provided in tonight’s video) during tomorrow’s session.
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: SHLD, GMCR, MNST, VRSN, SWK, MRO
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.
