The markets look a lot less volatile this week as they appear to be content at these levels. It is only Tuesday and we do have the majority of the week ahead of us, but we might be in for some market consolidation. Both INDU and the S&P find themselves back in the middle of their respective ranges, while the Nasdaq holds above its highs.
Some of the stronger stocks are a little overextended, including some of our setups, but we could see a correction sometime this week. Consolidation could also create new opportunities to the upside as well. There isn't much out there currently, so we will need to see another couple of days for trades to develop. We shouldn't expect too much net directional movement this week, so continue to exploit sideways and diagonal trades when they present themselves.
Have a great night,
The Maverick Trading Team
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