The mini trading range for the week continues as the bulls are bouncing back from yesterday’s losses. Earnings have been the main focus as most companies seem to be beating on earnings per share but are falling short on the revenue side.
We have given specific upside and downside targets to watch for as clues for a continued rally or the beginning of a breakdown. While many of the market pundits are still calling for a 5%-10% correction but next week could be bullish if support continues to hold.
Although the indexes are up as we head into the second half of trading, the bulls don’t appear as though they have enough firepower to take out new highs today.
Given last week’s power surge, the mini trading range is good to see. Of course, the bears still have a shot at doing some damage as fresh support levels are paper thin.
The Dow is currently up 90 points to 15,504 while the S&P 500 is advancing 5 points to 1,751. The Nasdaq is showing a gain of 22 points to 3,930 and the Russell 2000 is higher by 5 ticks to 1,116.
We have a NEW TRADE we are getting into so let’s get on it.