The markets are showing some signs of weakness, but we haven't yet broken support levels. All three majors are testing previous resistance levels, but we do have a little room left before testing some major support levels.
The S&P appeared to be confirming a classic bull pullback pattern on Monday; however, the bears did step in today, challenging the next move higher. While sentiment is a little unclear, especially after no action was taken by the Fed last week, we must still respect the overall charts.
Volatility has climbed, but only slightly, as previous resistance levels are currently holding. The markets have moved lower, but have yet to close on their lows or break support levels. Make sure this happens before entering aggressively bearish or making a major change to your portfolios.
Have a great night,
Your Maverick Trading Team
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