The markets continued to consolidate and are starting to form a base at the current levels. We have seen some volatile market action over the last few sessions, but still no ground gained or lost in the overall trend. The longer the markets consolidate, the more significant the support and resistance level. This could lead to a decent move away from their current level once the markets take a direction.
Outlook should still lean to the bullish side, as this looks to be a High Base pattern beginning to form. April monthly expiration is this Friday, and given the current market pattern, we should expect to stay within this current range until next week. That being said, anything can happen, so make sure it does before making any drastic changes.
Have a great night,
Your Maverick Trading Team
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