All three majors look to be hesitating after pushing through their 200-day moving averages last week. We have seen some earnings reports add fuel to this bullish move, as we now find ourselves back into this past summer’s range.
Earnings should continue to drive market sentiment, as bullish sentiment seems to be the most prevalent over the last few days. We should continue to follow earnings results, along with new tests of support and/or resistance, as we move back into the year’s previous range.
We are still seeing bullish and bearish opportunity, although we should not be too aggressive in either direction. Make sure to add a sideways element to your strategies if available. Now that we are back into previous ranges, look to earnings results for any change in relative strength and weakness moving forward. This could take a few days, so be sure to follow your sector charts.
Have a great night,
Maverick Trading
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