Wheelhouse View of the Market

Index Charts - All the market indices are basically bouncing around on Europe news in a volatile range just above recent breakout levels. The news has caused some volatility but the charts are holding up well overall on the indices.

Breadth - Primary and secondary indicators on Market Monitor are bullish. However, the fly in the ointment was the daily breadth from last week, where we had a day of 1200+ stock down 4% or more. The bounce couldn't match that level, so the recent bounce is a bit suspect. However, if we get an up day with large positive breadth the picture could change. As I said, the news is pushing the market around, so that is the wild card. Keep an eye on the daily breadth as the market bounces around here.

Plan - I need to see the daily breadth improve before doing any swing trading. Day trading is the plan when available. A positive breadth thrust would change that.

Good luck this week...