Stocks Churning in Trading Range: Dave's Daily

Maybe I should just do this once a week since many chart support and resistance levels remain the same as last week. Of course, prices changed dramatically but we just seem as repeating previous trading range action from the past few months. Once we're short-term oversold in trading ranges we pop higher only to selloff once hitting resistance and overbought levels. At some point all this will change but for now we're churning within a range.

The most interesting action is in commodity sectors where Ag products are rallying sharply along with base and precious metals. These are sectors to remain focused on.

Have a great Holiday weekend!

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Disclaimer: Among other issues the ETF Digest maintains positions in: GLD.

 

The charts and comments are only the author's view of market activity and aren't recommendations to buy or sell any security.  Market sectors and related ETFs are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period.  Chart annotations aren't predictive of any future market action rather they only demonstrate the author's opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at www.etfdigest.com.

 

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