Before the Open (Jan 21)

Good morning. Happy Thursday.
The market has been range bound since the beginning of the year. Little rallies have gotten sold; mini dips have gotten bought. And since the range is so tight, we’ve had several instances where the market has gone from the top to the bottom and back within a day or so. Such has been the case recently. Over the last 6 days, the S&P moved up 3 times and down 3 times and has touched support and resistance almost every day. Here are the daily and 15-min SPX charts.


Two weeks ago I started getting more conservative. The number of good set ups was declining, and although the indexes had just moved to a new high, I felt the charts needed time to reset. We’re still there. The charts still need more time. Plus earnings season is picking up, so good charts can be destroyed in short order. Be patient. Keep trades short term right now, and don’t over trade. Let the market chop and churn. Then get aggressive on the next leg. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers