The markets closed flat on today's session, showing some hesitation at the current resistance level. All three majors are positive for the week as we enter into April monthly option expiration. We could see another tight range tomorrow – or even a bearish move back into the range. Either way, we don't expect levels to be broken until sometime next week.
Without a break of support or resistance, we should focus on sideways in the short term. Take full advantage of weekly expiration cycles, but be aware of earnings dates (i.e., make sure to double check earnings dates since we are in earnings season).
Options expiration for April is tomorrow, so make sure to close and/or adjust your positions according to your plan. Not much has changed this week, as the markets are still in a high basing pattern.
Have a great night,
Your Maverick Trading Team
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