The markets posted two flat days this week as we are now approaching the next level of resistance. This last bullish surge has pushed the markets out of their lower range. It has been a pretty steady bull move off of the bottom set a few weeks ago, including a small two-day retest of resistance once it was broken. The markets are now testing levels not seen since July and, if broken, will put us back into the summer range area.
With continued bullish strength, the markets could recover the majority of the correction that we witnessed in late-August. This would move the markets back into their higher range; however, without stronger economic numbers and strong earnings results, we shouldn’t expect to move higher from there. Without any major unexpected events, we should expect the markets to continue churning forward at a pretty dull pace (at least through earnings season).
Have a great night,
Maverick Trading
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