Nothing short of a dull week, the market did absolutely nothing after having a breakout the week prior that completely changed the tone of the market in the bull's favor. So with about five days of consolidation behind us, it would be logical to surmise that we are likely to see a move in the coming week out of the range the market is stuck in. In my opinion that is to the long side. The charts dictate it, the pullback/consolidation has seen no volume nor has there been really any panic on the days where we finished lower or traded lower intraday.
One other interesting note was the action we saw on Thursday where the market really looked like it was going to sell off over -1%, but instead it was able to find support at the 10-day moving average which historically has been a typical buy-the-dip-point for the bulls.
Here's the SharePlanner Reversal Indicator.
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Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida. More >>