The bullish march continued today with yet another close to the upside. This bullish surge appears to be a little overextended on a technical level, but trying to guess a top can get a trader into some trouble. Yesterday's doji candle could have been a possible turning point for a corrective move, but it appears that the bulls had a little left in them.
We are moving into July's monthly option expiration tomorrow, so we should expect a little volatility in the morning. There is little to do with the markets at these current levels, so spend the majority of tomorrow addressing any of your open July positions.
Once this week comes to a close, we will need to take a good look at the overall market pattern. If a correction starts, then we will look to identify opportunities once a support level is found – basically, look for bullish setups during a market pull back. If the markets continue higher, then we can still take advantage of some short-term, sideways strategies.
Keep an eye out for earnings dates with any new trade setups and existing trades as we enter into this quarter's earnings season.
See you on this Sunday's live Trading Room class!
Have a great night,
Your Maverick Trading Team
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