The steep pullback finally found some buyers (and/or short-covering) and the upside turnaround delivered a big Thanksgiving rally.  But the move is V-shaped and it came on light volume, so what now?

Here’s a closer look at where the major averages stand now, along with the key levels they’re dealing with as we head into Monday’s session. This is where every new trading week begins, knowing the impact the indexes will have on how individual names move.

Run time is 6:15.

Direct video link is here.

Trade Like a Bandit!

Jeff White
Take a trial to our Stock Pick Service to get our trades.

Follow @TheStockBandit

Stocks got punished last week post-election, taking the indexes to new correction lows.

Here’s a closer look at where the major averages stand now, along with the key levels they’re dealing with as we head into Election Week. This is where every new trading week begins, knowing the impact the indexes will have on how individual names move.

Run time is 7:07.

Direct video link is here.

Trade Like a Bandit!

Jeff White
Take a trial to our Stock Pick Service to get our trades.

Follow @TheStockBandit

Election Day is finally upon us, and hopes are high among Democrats and Republicans alike – not that their candidate will win, but that we’ll see some better market momentum surface once the votes have been counted!

For the past couple of weeks, the indexes have worked their way to new correction lows, only to just sit here.  We haven’t yet bounced, and we haven’t yet broken down hard.  Instead, we’ve carved out some short-term trading ranges which are the boundaries to keep a close eye on in the days ahead.

Perhaps as soon as this week we’ll see an exit, provided we get a Presidential decision and that there’s at least a knee-jerk response to it.  It seems this year has been characterized largely by highly-anticipated news events which result in lackluster market reactions, but hopefully this one will prove different.

Here’s a chart of the RUT, which has found near-term support at 807 while resistance sits at 833.  Tonight, it’s caught in that range.  The lower highs (recent weeks) and higher lows (recent months) shown on the chart are converging more with each passing day, so I’m watching closely for a resolution to these mixed signals.  Take a look:

Why I Use TC2000

Trade Like a Bandit!

Jeff White
Subscribe to our Stock Pick Service to get our trades.

Follow @TheStockBandit

Here’s a rundown of the major averages as they currently stand, along with the key levels they’re dealing with as we head into Election Week. This is where every new trading week begins, knowing the impact the indexes will have on how individual names move.

Run time is 6:56.

Direct video link is here.

Trade Like a Bandit!

Jeff White
Take a trial to our Stock Pick Service to get our trades.

Follow @TheStockBandit

On Thursday, the S&P 500 posted its best session since September 13th, gaining 1.09%.  It helped to mark a potential turning point, at least in the short term, for the troubled index, just two sessions removed from its correction low last Friday.  Bulls slept better last night.

This morning, we had an initially positive response to the jobs number today, and the market looked poised to continue the bounce by clearing Thursday’s highs.  Morning strength was short-lived though, and now stocks are back in retreat mode with early strength getting sold.

Technically, bounces have been getting sold, so this is not something new compared to the price action in recent weeks.  Throw into the mix the fact that the S&P is again dealing with the 1426 area (former support turned resistance – see chart below), and it’s clear the bulls still do not yet have smooth sailing ahead of them.

Psychologically, the biggest unknown of the year is just a couple of sessions away with the Presidential Election.  We all know that the Street hates uncertainty, so today we’re seeing cash head back to the sidelines – presumably now that this week’s big events have passed.  And now the focus shifts to the election, and traders have a case of pre-election jitters.  With the race looking pretty tight and very different futures promised by both candidates, it’s no wonder stocks are on the fence here.

It’s a great time to lay low and/or abbreviate timeframes for new positions.  The market is struggling to produce follow through, which means frequent shifts of direction and moves which don’t last long.  Stay nimble, preserve capital, and wait for some of the dust to settle.  If the October lows are going to stick, there will be plenty of chances to get on board for a recovery moving forward.

Why I Use TC2000

Trade Like a Bandit!

Jeff White
Subscribe to our Stock Pick Service to get our trades.

Follow @TheStockBandit