The market has been resting for a couple of weeks now – and who could blame it? After a run of more than 7% off the March low, some kind of digestion was in order.
Initially, we just saw indecision as the indexes flip-flopped around key levels (NAZ 2802, S&P 500 1332, DJIA 12400, etc.). Since then, however, they have weakened a bit. That isn’t bad, and the pullback could quite easily result in a higher low on the daily charts (vs. the March lows which are well beneath current levels).
While the broad market grapples with where to go next, perhaps a more pressing issue is what are the leading stocks doing? Let’s take a closer look and see how they’ve fared of late, as well as some key levels to keep an eye on in the days ahead.
Chart courtesy of TeleChart [1]
Chart courtesy of TeleChart [1]
Chart courtesy of TeleChart [1]
Chart courtesy of TeleChart [1]
Chart courtesy of TeleChart [1]
Chart courtesy of TeleChart [1]
Chart courtesy of TeleChart [1]
Chart courtesy of TeleChart [1]
Chart courtesy of TeleChart [1]
The best thing to do right now is allow the market digestion to continue and allow the chart patterns [2] you’re watching to fully mature. Forcing entries out of boredom [3] isn’t the secret, so maintain your discipline and let the market generate signals before you take action. If you choose to play at the wrong times [4], it’ll cost you. Once somebody else starts the move, then you can hop on board for a ride.
Trade Like a Bandit!
Jeff White
Producer of The Bandit Broadcast [5]
Are you following me on Twitter [6] yet?