We had another long-shadowed day, as the markets regained most of their losses. We have seen this pattern of intraday retracements for about a week now in the S&P and INDU...and today was no different. There hasn't been enough change to the market patterns over these last few days, which we can use to our advantage. However, we could see a test of the highs tomorrow, which might create some opportunities.
Keeping a balanced portfolio, with some short-term sideways, could prove profitable through earnings season. Not much has triggered over the past few days, so don't expect much follow through in either direction until the markets break out (up or down). Just make note of the earnings dates on any new trade ideas.
See you on this Sunday's live Trading Room class!
Have a great night,
Your Maverick Trading Team
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