We should continue to expect economic reports to be the main driver of these markets at these levels. Until we get a major break of support or resistance, we can expect the markets to become reactionary to news and economic reports. Don't be surprised if we see some large swings intra-day – don't get sucked into them and keep your eye on the major levels in the markets.
Technically, we are looking a little bearish here, but one single day can make a big difference in the overall outlook of these markets. Keep that in mind before opening yourself up in one direction. The idea is to string a few days together for a better perspective before coming to a longer-term directional decision. This can be difficult with the market's current action. Stick to your guns and stay balanced.
Mid-Week Outlook
- Bullish: 30%
- Sideways: 53%
- Bearish: 17%
Have a great night,
The Maverick Trading Team
