The bullish surge took a break today as the markets closed just shy of resistance levels. The bulls have made a very strong push this week, so a hesitation day like today is to be expected. Overall, outlook should remain bearish until the markets can break out and stay above resistance levels.
This has been the strongest bull move we have seen in 2016, and an argument could be made that a bottom has been put in. It is hard to guess bottoms or tops, so we must continue to trade the markets in front of us.
Options expiration is tomorrow and an expiration Friday can always make things interesting, especially at these levels. As always, focus on closing up February first before looking for new opportunities.
Have a great night,
Maverick Trading
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