The markets hesitated at resistance today. Both the S&P and INDU closed lower on the session, each down over -0.5% today. We expected a pullback at these levels, especially after a nice base breakout. This is not to say we should be bearish; rather, take some time in entering anything aggressively bullish here.
Earning season will continue to impact these markets and overall results should start to impact specific sectors over the next week or so. Be mindful of the total risk/reward of holding a position through earnings. If you didn't plan for holding through an earnings announcement, then you might consider taking action beforehand.
This has been a very direct and strong bullish move to this point. Today is the first day of what could be a bull pullback. Keep in mind the overall trend and support levels once they are touched.
Have a great night,
Maverick Trading
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