A short week in the market this week and outside of Tuesday — pretty uneventful — with a few warning signs on the daily chart which I will get to in a moment.
No great trades for me this week — and no big losses — just a break even close in MEIP.
With that said, let’s take a look at the charts:
After a few SOLID down bars early in the week we settled into a trading range and stayed there. The worst type of range bound market for me. That doesn’t mean there weren’t some standouts — like $ABBV — racking up a nice 13% gain on the week — but as far as the index goes — nothing much happening.
Here are the warning signs I was talking about earlier. Those wide range down bars and the high volume on the downbars do not look good to me. Still — until something actually HAPPENS — we sit still. Because — the weekly chart —
Look at that uptrend. It’s going and going and going. And until something decisive happens — the trend is up.
Until next week — the market is YOURS!