Toni Hansen writes that there's a handful of economic data due out, including construction spending and August's ISM, but she is planning on biding her time and taking things slow.
Toni Hansen writes that swingtrades are going very well, but there are fewer strong intraday patterns due to the time of the year as kids head back to school and traders enjoy the remainder of the summer.
Toni Hansen writes that volume is going to remain a concern this week as we head into a three-day weekend. It is also going to be easier to see continued chop back and forth on the 15-minute charts and less follow-through from one day into the next.
The overall market is still in a corrective mode following the strong upside earlier this month. The gradual move higher on Friday afternoon with the indices hugging support on light volume is more bearish for the market heading into Monday.
Toni Hansen is slightly more on the bearish side at this point heading into early next week, but is cautious against being too heavily invested in that direction following the recent strength.
Toni Hansen writes that there is concern for this week's trading that the upside has not seen much for corrective periods and, like Thursday afternoon, can more easily give way to rapid intraday sell-offs with little notice.
Despite the uptrend channel break on Thursday afternoon, Toni Hansen is not that bearish heading into Friday. Instead she is leaning more towards a lot of back and forth action throughout the session as a means of continuing to correct from the week's buying.
The steady nature of the market's rally over the last couple of days is one that can turn over quickly when it occurs in smaller segments intraday, but laced together with the gaps they have shown a strong change in the overall market and continue to suggest strength into Thursday.
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