Today is Monday June 28th and the market puts in “an inside day” on low volume.
We had a slow day in the market across the board as the stock market put in “an inside day”. What do I mean by an inside day is, a tight range where prices stayed at or below Fridays highs and above Fridays lows, a slow narrow range with little movement. Usually you will see a big move out of this type of action and there is room on both sides of the equation.
I am looking for a move up and everything is still intact for that, but in case today’s low gets taken out tomorrow 1066.50 that would be a bearish development and would likely see prices go down further from there. It would almost be better if it did go down, which may get the bears to bite on an extreme view of the market, thus setting up for a big rally. The sentiment is close to giving a bull signal but it has not happened yet. It may not happen at all, if the market rally’s it will likely bring the numbers to the middle of the range at which point it could tank, but that is to far out to tell right now. I am a long term bear but not at these levels. If 1042 gets taken out, that is a different story.
Today just took one trade and is shown in the screen shot below. I am taking it easy for a few weeks, being summer. I may take time off of trading too, but not sure when.
That’s it for now, and will post again tomorrow, with more insight or lessons. Until then “Good Trading”
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- Stock Market Showing Weakness before Unemployment Numbers
- Is the Stock Market pausing or ready for Sell Off ?
Tags: inside day, tight range
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