End Of Day Post

The markets opened lower today, but reclaimed their losses, closing flat on the session. The markets have been experiencing a bounce off of support over the last couple of days. Today’s session could have gone either way after yesterday's FOMC statement, but it appears the bulls had an answer to this morning’s weakness.

Technically, today's action doesn't change much in the overall market patterns, however the bulls did show up, leaving us with a nice hammer candle in the S&P. Tomorrow, we will be looking to see how this week finishes, although either direction should give us opportunity for new trades based on earnings results.

Mid-Week Outlook

• Bullish: 34%
• Sideways: 43%
• Bearish: 23%

Have a great weekend,

The Maverick Trading Team