The market hesitated today after regaining all of its losses yesterday. The week started off looking very bearish until about mid-day on Wednesday. We were left with a good-sized hammer candle yesterday, associated with a decent amount of volume, thus putting an end to the move lower. We could see a higher low set this week if we can get some bullish follow-through tomorrow and a close above today's high.
Direction is still unclear at this point; however, we do have a small range established in the S&P between 1880 and 1940. We are seeing more and more opportunities out there, so don't be afraid to add positions when they trigger. Stay balanced and remember to double check for earnings announcements since we are still in earnings season.
Have a great night,
Maverick Trading
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