The market has bounced around in a tight range today and on both sides of the ledger but is slightly lower as we head into the second half of trading. September has been a bullish run and we were on it at the beginning of the month as we said the indexes should rebound and retrace some of the August free fall to push the top of the trading ranges.
We also said last week that stocks would rally through Wednesday and that a possible pullback could start today. So far, so good. There is still the possibility of a “bull trap” instead of a “bear trap” as the indexes could breakout to higher highs from here. By the end of next week we should know the next trend heading into the end of the month and October 3Q earnings season.
The indexes are currently in the red and look like this: Dow -30 to 15,297; S&P -5 to 1,683; Nasdaq -7 to 3,717. Gold is getting whacked and is down $33 to $1,330 and O.
There are several stories we are following today and we have a number of updates to talk about so our commentary is short as we are in the matrix looking for clues on where the market is headed by the weekend and next week.
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