All three majors continued higher today after bouncing off their 50-day moving averages yesterday. Sentiment is still leaning to the bullish side with what appears to be a bull pullback to this point; however, we will need to keep our eyes on support levels moving forward. A close below the markets’ current support levels would not be seen as bearish, but would make a strong argument for more consolidation/sideways.
We have seen some bullish trades trigger this week and there are plenty of good trades out there to the upside. If you find your portfolio too bullish, then look to add some sideways trades. Depending on if the markets will retest upper resistance in the next few weeks vs. next few days, we should see sideways trade opportunities.
See you on this Sunday's live Trading Room class!
Have a great night,
Your Maverick Trading Team
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