Good evening StockBandits!
The indexes gapped down this morning and saw some early downside follow through, but the first bounce proved to be an upside reversal. By late morning, the gap had been filled and the market was able to trend higher into the afternoon.
Today’s dip was yet another test of the lower ends of the trading ranges we’ve been eyeing for the past week, and to see a rebound from there shows that the buyers are still defending (and thus validating) those areas.
The daily charts are starting to look more bullish after another successful test of support, but so far we’re still range-bound. It’s important at this point to continue respecting short-term support & resistance zones, knowing that until we see a solid close beyond one of them we could see continued back-and-forth price action. Just as Wednesday’s weakness was convincing, so was today’s strength. Such is the case when caught in a range of indecision.
Each of the indexes still have a very good shot at this dip resulting in a higher low, and many individual charts are taking on a similar look. While we await a decision from this market range, my focus will be on either setups which look good for quick one-day moves, while staying selective when it comes to multi-day plays. In time, we should see plenty more action, but at the moment lasting follow through has yet to emerge.
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: IACI, ALTR, REDF, CTRP, NOG, X
Swing Trading Candidates:
NONE TONIGHT
[table “43” 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.
