Another one of those days where the market gaps up (and in some cases down) and does absolutely nothing thereafter. Granted we still have two hours left before the market closes, so anything is possible, but nonetheless, this price action is boring me to tears today. Over the past three trading sessions, the market is essentially rewarding those who are gambling on the overnight price action which is no doubt risky.
What is concerning for the bulls here today is that price on the Russell index and the S&P 500 have both seen rejections at the 200-day moving average. That could change before the close, but that is the current state as of this post.
The setups I’ve listed below are those that are primarily bouncing into resistance and will make solid risk/reward trade setups if this market turns lower. I’ve removed the setups that have had ungodly sell-offs, simply because there is no trade setup there at this point.
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