No ground was gained or lost today as all three majors closed flat on the session. Volume remained steady, but volatility continued to drop as bearish moves continued to fail into the close. Although the markets refused to close on their lows, no ground was gained to the upside as well.
The current market range is definitely tightening. We are now starting to see the formation of a symmetrical triangle in both the S&P and INDU. The Nasdaq is showing more of a bullish pattern (i.e., an ascending triangle).
There really isn't enough out there technically or economically to sway our market outlook just yet. Stick to your current agenda through the end of this week. We can then look to the upcoming earnings season to maybe stir some things up.
See you on this Sunday's live Trading Room class!
Have a great night,
Your Maverick Trading Team
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