The bulls are trying to put together back-to-back wins to start the week and today’s action has been favorable providing current gains hold. The bears are looking to protect the next waves of resistance that served as prior support.
We mentioned last week the indexes could be setting up for a trading range ahead of April and 1Q earnings season. We often talk about trading ranges and while last week’s action made a lot of traders nervous, support held.
There is still risk to the downside on a drop of a dime and we are respecting that possibility but we are still looking for one last “hurrah” rally to new all-time highs before a possible major setback.
The Dow is currently up 110 points to 16,357 while the S&P 500 is higher by 14 points to 1,873. The Nasdaq is gaining 51 points to 4,330 and the Russell 2000 is higher by a a baker’s dozen to 1,201. The S&P 500 Volatility Index ($VIX, 14.25, down 1.39) is down 9% and is back below 15.
We have another New Trade today so let’s go establish positions. Subscribers, check the Members Area for the updates!