A lot of red this morning across the board with the exception of TLT and GLD.
This is consistent with some weakness for the short term. In this bull market, weakness might mean hours or perhaps even a few days!
In addition, today is options expiration which tends to produce weakness from the open for a few hours. This has been an anomaly particular to option expirations day.
I like to trade this, however, only on gaps to the upside. Downgaps make this trade a bit trickier. So it looks like I will pass on the trade this month.
My guess today is more pullback and then look for an RSI divergence on the 15 min after 9:00 P.S.T. for a possible rally. At least that is how I am going to play a short term trade today.
As far as swing trades, ideally we get a day or two of either pullback or consolidation, to then get aggressive again. Right now it is down to managing existing positions.
On the political front home and abroad, there is a multitude of things on the horizon. Amazingly the markets have not even taken into consideration potential developments. Or maybe it has, and the experts think there is nothing to worry about:)
Only time will tell.
If you want to follow some of my trades along with my thoughts typically given after the open you can go to @rickjswings. Typically I talk about the overall day expected with the markets and also give some levels on the ES and NQ for failed breakout scalping.
It’s my private twitter feed for the stock market and its free. Sports Handicapping is the subscription-based part of this site. But considering the cost of joining it’s almost free:)
Good Luck Today
RickJ’s Handicapping Picks