The markets hesitated today after two consecutive bullish sessions. The S&P is above previous resistance levels of 2,080. The INDU still has some ground to gain until it tests resistance of 17,950. The Nasdaq has shown great strength, blasting through its 4,800 resistance level and is now testing 4,900.
All three majors have shown some strong bullish movement this week; however, this did come from a bearish pattern. We are now back into an overall range, with respect to each market's support and resistance levels.
The bearish outlook has indeed been curbed based on this week's move; however, we do have one more session before the extended U.S. holiday weekend. We don't want to react to tomorrow's action, but instead use tomorrow's finish as a look into next week. Keep in mind the overall patterns and continue to follow relative strength and weakness in entering new positions.
Have a great night,
Your Maverick Trading Team
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