The market rallied into the close on what was an otherwise boring day in the market. This chart of the S&P 500 shows a bearish wedge forming. This could signal lower prices in the market, but that doesn’t mean the market cant move higher from here.
There were no triggers from the Watchlist, which was a good thing today. But I am hoping for another pop in the market. There are a lot of charts that are looking good, but some are a bit extended.
There are many stocks that are making parabolic moves right now. Stocks like DSCO and YZC, just to name a couple. These usually happen toward the end of rallies, and for these reasons, I am looking for day trades in stocks from the Watchlist.
There are more stocks on the Watchlist, but some no longer look good. But I have learned from past experience to leave those on my Watchlist just a little longer, as they sometimes snap back and breakout.
Good luck and good trading!
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