Good evening StockBandits!
Buyers stepped in again today to defend even a minor pullback this morning, taking the indexes into positive territory where they stayed for the afternoon. The highs were made in the early afternoon, but the market didn’t give back much ground despite some late-day churning.
The indexes are still contending with some key areas, and considering they’re still somewhat extended, this would make for a logical spot to put in some rest. The issue is that of late, logic hasn’t driven the moves, as traders have been gunning on emotion instead. Regardless, the S&P 500 is respecting the 1341-1345 area, while the NAZ is sitting just shy of 2835 from the May 31 high. Volume is still running light, which has been expected this week of July 4th.
My watch lists are still pretty sparse, although even a couple of days of rest would do wonders for creating some bull flag and pennant types of patterns. In the meantime, I’m doing my best to stay patient and stick with the best setups from the charts each evening. Today offered a couple of swing entries which I’m sitting in overnight, which is nice. I’d like to see more setting up in the coming days to go along with the day trades we’ll no doubt see, but the key will be if this market is able to either pull back in a shallow fashion or simply sit still for a couple of days. That may make for some low-key price action, but for a longer timeframe it could easily serve as the pause that refreshes.
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: GNK, CREE, JDSU, PCX
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.
