We are still seeing some intra-day volatility, as the markets continued to move sideways. Although his week’s movement has been to the bearish side, we have yet to break major support levels. Today’s movement, as with yesterday, did show bearish retracement from intra-day highs. These patterns could indicate another test of short-term support levels (2040 on the S&P 500).
Nothing much has changed over the last few trading sessions, so continue with a sideways outlook and follow your personal trading plan. We will see retail sales and the PPI tomorrow, but we aren’t expecting much out of either number. We will be interested to see how this week finishes – specifically, if support is broken or if the bulls jump in.
Have a great night,
Maverick Trading
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