After yesterday's monster range traders like ourselves who key off daily charts will find it difficult to find new alerts. We need to break out of yesterday's range or build mini-range in stocks over the next few days. For today, we do nothing.
For us to cash out on the Wed support buys that we initially wanted to hold as swings on was obviously a good move. Our time-frame is very short now and we can't imagine putting anything into the swing account for a while.
We broke through the 200SMA yesterday on may of the stocks we follow (including SPY) which means that support buying for us will be on hold. Buying breakouts doesn't look likely either which leaves shorts. Shorting at resistance and shorting breakdowns will probably be the game plan going forward.
For now though we're happy to do nothing today and try to chill into the weekend. We'll go through charts on Sunday and if anything sticks out we'll post it here.
Have a good weekend.
