Good evening StockBandits!
As is sometimes the case, today’s closing numbers don’t tell the whole story. On the surface, it looks like a flat, uneventful day. And on a net change basis, I suppose it was. However, there was some meaningful action taking place between the bells, making for a productive session – particularly for the bulls.
Technically, this market is still struggling, which means the bulls are too. But they had a chance to really let go today and didn’t. We came right do the key levels I’ve been pointing out, including right here last night, with the S&P 500 tagging 1040 and the NAZ testing 2100 before bounces kicked in. Those are the low ends of the short-term consolidation areas, which if broken, could bring a quick retreat to the July lows. Instead, the buyers defended those levels for another day. I doubt the bulls are resting easily here given they don’t have much breathing room, but they’re still present and that’s certainly worth noting.
With the indexes still currently range-bound, and with few charts poised for moves, my list for Wednesday is rather limited. As the Labor Day long holiday weekend approaches, I’m expecting volume to remain light, and as a result I’m looking to keep my activity limited until this market proves it’s back on the move.
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: MMR, ISLN, ARCC, DO, PDCO
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
CF, NFLX, APKT, MMR, INTU, ISLN, VMED, ARCC
Bearish Watch:
TIF, CRUS, ATK, LLL, CSC, JEC, MMM, V, SYK, NILE, URS, ZMH, PH, CNX, LM, APC, DO, COG, PDCO, ISRG, MAN
The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.
