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Wow. The market had a decent day. The major indices broke out nicely past their short-term resistance, pushing further into overhead supply.

The sector action was very constructive. Areas such as Retail broke out decisively. Other areas such as Biotech, Materials & Construction, and Manufacturing (to name a few) continued to improve. Come to the chart show later today and we’ll take a look at all of this in detail.

So is this the all clear? Well, I’m glad to see that the market is plowing through the overhead supply like butter. The problem is that the indices remain overbought. So, it’s a dangerous environment to buy into.

Remain selective and don’t bet the farm. If a rip roaring bull market is on its way, they’ll be plenty enough time to buy.

Futures are firm pre-market.

Click here to watch today’s Market in a Minute.

Best of luck with your trading today!

Dave
__________

Expert swing trader Dave Landry comments on the charts for the major markets, indexes and sectors for the upcoming trading day in his daily one-minute video.

Make sure your sound is turned up. A new browser window will open and the video will begin playing within a few seconds.

Click here to watch today’s Market in a Minute.

You can contact Dave Landry by email at dave@davelandry.com or visit his website DaveLandry.com.
__________________

The Layman’s Guide to Trading Stocks

Dave Landry’s 10 Best Swing Trading Patterns and Strategies

Dave Landry on Swing Trading

How we found the Chart of the Day:

We found the “Chart of the Day” by scanning the Barchart “All Time High” list. In order to get to that list, we first clicked on the Stocks menu item on the Barchart home page, then on the “All Time Highs” menu item on the left menu bar. We then sorted the list by percentage gainers by clicking on the “Percent” column title. A stock that has posted a new All-Time high is typically showing strong upside momentum.

The status of Barchart’s Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

• TrendSpotter: Buy
• Short-Term Indicators: 80% Buy
• Medium-Term Indicators: 100% Buy
• Long-Term Indicators: 100% Buy
• Overall Average 96% Buy

To access recent archived Chart of the Day reports, please go to:
http://www.barchart.com/headlines/se…=BC&series=COD

The indices started strong but quickly found their highs and came back in. The Ps and Quack did manage to close over 1/3% and ½% higher respectively. Better than a poke in the eye for the longs I suppose.

Not much has changed. The market remains overbought, right at short-term resistance, and just below quite a bit of overhead supply. I know, rinse and repeat recent commentaries.

I’m still seeing a few setups on both sides of the market (long and short).

Remain selective and don’t bet the farm.

Futures are flat to soft pre-market.

Click here to watch today’s Market in a Minute.

Best of luck with your trading today!

Dave
__________

Expert swing trader Dave Landry comments on the charts for the major markets, indexes and sectors for the upcoming trading day in his daily one-minute video.

Make sure your sound is turned up. A new browser window will open and the video will begin playing within a few seconds.

Click here to watch today’s Market in a Minute.

You can contact Dave Landry by email at dave@davelandry.com or visit his website DaveLandry.com.
__________________

The Layman’s Guide to Trading Stocks

Dave Landry’s 10 Best Swing Trading Patterns and Strategies

Dave Landry on Swing Trading

How we found the Chart of the Day:

We found the “Chart of the Day” by scanning the Barchart “All Time High” list. In order to get to that list, we first clicked on the Stocks menu item on the Barchart home page, then on the “All Time Highs” menu item on the left menu bar. We then sorted the list by percentage gainers by clicking on the “Percent” column title. A stock that has posted a new All-Time high is typically showing strong upside momentum.

The status of Barchart’s Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

• TrendSpotter: Buy
• Short-Term Indicators: 100% Buy
• Medium-Term Indicators: 100% Buy
• Long-Term Indicators: 100% Buy
• Overall Average 100% Buy

To access recent archived Chart of the Day reports, please go to:
http://www.barchart.com/headlines/se…=BC&series=COD

__________________

Visit us on Facebook to ask more about this chart. Don’t forget to “like” us.

Why do we do it? Let’s be honest, we want you to get a taste of what we do and maybe give the full Quick Takes Pro service a try.

Quick Takes Pro blog – check it out

Recommended reading – some of it mine, some of it from the masters.

How we found the Chart of the Day:

We found the “Chart of the Day” by scanning the Barchart “All Time High” list. In order to get to that list, we first clicked on the Stocks menu item on the Barchart home page, then on the “All Time Highs” menu item on the left menu bar. We then sorted the list by percentage gainers by clicking on the “Percent” column title. A stock that has posted a new All-Time high is typically showing strong upside momentum.

The status of Barchart’s Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

• TrendSpotter: Buy
• Short-Term Indicators: 80% Buy
• Medium-Term Indicators: 100% Buy
• Long-Term Indicators: 100% Buy
• Overall Average 96% Buy

To access recent archived Chart of the Day reports, please go to:
http://www.barchart.com/headlines/se…=BC&series=COD

The indices sold off but did manage to close off of their worst levels. Internally, the market looked okay–for the most part, just some minor corrective action.

The market remains overbought, right at short-term resistance, and just below quite a bit of overhead supply.

I’m seeing a few setups on both sides of the market (long and short).

I hate to be cliché but I think we’re in a “stock pickers” market.

Nothing has changed just yet. Avoid getting too aggressive while the longer-term big arrow continues to point sideways.

Futures are strong but coming off their best levels pre-market.

Click here to watch today’s Market in a Minute.

Best of luck with your trading today!

Dave
__________

Expert swing trader Dave Landry comments on the charts for the major markets, indexes and sectors for the upcoming trading day in his daily one-minute video.

Make sure your sound is turned up. A new browser window will open and the video will begin playing within a few seconds.

Click here to watch today’s Market in a Minute.

You can contact Dave Landry by email at dave@davelandry.com or visit his website DaveLandry.com.

__________________

The Layman’s Guide to Trading Stocks

Dave Landry’s 10 Best Swing Trading Patterns and Strategies

Dave Landry on Swing Trading

The good news is that the indices managed to close at new multi-month highs. Further, the sector action continues to improve.

Now, for the bad: I don’t like the way the market has generally drifted or “wedged” higher as of late. Ideally, I’d like to see it blast higher and then correct. Further, the market remains overbought and there is (stop me if you’ve heard this before) a ton of overhead supply just above.

Stranger things have happened, but usually a market has a tough time mounting a rally on top of an overbought situation especially when there is a ton of resistance (supply) looming. This makes for a dangerous environment for the buyer.

I’m seeing a few shorts that look like they might have potential so I think I’m going to nibble a bit there for now while things shake out.

Not matter what you do, avoid getting too aggressive while the longer-term big arrow continues to point sideways.

Futures are weak and weakening as this is being published.

Click here to watch today’s Market in a Minute.

Best of luck with your trading today!

Dave
__________

Expert swing trader Dave Landry comments on the charts for the major markets, indexes and sectors for the upcoming trading day in his daily one-minute video.

Make sure your sound is turned up. A new browser window will open and the video will begin playing within a few seconds.

Click here to watch today’s Market in a Minute.

You can contact Dave Landry by email at dave@davelandry.com or visit his website DaveLandry.com.

__________________

The Layman’s Guide to Trading Stocks

Dave Landry’s 10 Best Swing Trading Patterns and Strategies

Dave Landry on Swing Trading

__________________

Visit us on Facebook to ask more about this chart. Don’t forget to “like” us.

Why do we do it? Let’s be honest, we want you to get a taste of what we do and maybe give the full Quick Takes Pro service a try.

Quick Takes Pro blog – check it out

Recommended reading – some of it mine, some of it from the masters.