The indexes tacked on some minor gains last week, but the bulls really had to earn it. Prices finished at their extremes for each session prior to Friday. Gaps were both filled and created, and rallies and selloffs characterized the day to day action.
Some support is becoming evident on a closing basis, although the buyers still have a long way to go before this market can be considered out of the woods. Right now the environment is really touch-and-go, and commitment to a direction has been coming in increments of just a few hours at a time.
That means it’s a trader’s market, but it’s really favoring those with intraday timeframes at the moment.
As we head into a brand new week of trading, let’s examine some important levels in the indexes to keep an eye on in the days ahead. That will have the greatest influence on how individual stocks are going to move, so it’s where the trading week begins.
This clip was also posted over on the Trading Videos  site (as always), and perhaps you’ve seen it there – but in case you didn’t, I wanted to put it here on the blog for you.
Let me highly suggest clicking the “HD” on the video player and then going full-screen for best quality.
Thanks for stopping by and I’ll see you here soon with more.
Until then… Trade Like a Bandit!
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