I slept in today, missing some good volatility to trade and definitely missing some trade opportunities. However, day-trading isn’t my cup of beer compared to swing trading, so I am ok with it.

The market remains range bound, in a down trend. To break this range we’d need to close above/below the S/R lines I drew on the chart. Market breadth is improving too, which is important because that is the best timing indicator when gaging the overall health of the market.  At the very mimimum bnreadth suggests that selling at these levels is waning, though many individual stocks and industries remain bearish and weak.

Unless you are a nimble trader, the market is still not strong in terms of going long. However, going short is no easier. Profits come quicker on the downside and must be taken quickly, because in the context of a bear there will be fierce rallies.

The old momo leaders are punching losers in the gut, via tech, solar and ag, however, I find the rallies dubious and would use the opportunity to sell. Due to being range bound I feel more comfortable initiating longs or shorts near support, not in the middle of shit.