8 Minute Read

Tackle Today: Let it Breath.

June 8, 2023

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«A pause here brings better opportunities»

Traders,

One thing becomes clear in surveying market conditions after Wednesday’s session: a pause or pullback would be healthy.

First, the Nasdaq has already started the process. Yesterday’s 1.7% high-volume whack retraced the previous six sessions, flashing a yellow light in the short run.

Second, on Wednesday, the Russell 2000 lifted another 1.58% which is excellent, but it’s now well overbought.

It’s hard to buy tech after a single significant day of selling. Ideally, a multi-day retracement develops, providing a more classic buy-the-dip opportunity.

And it’s hard to chase small caps, given how far they just ran. A pause or pullback here would also increase the appeal of a new entry.

It doesn’t mean a pause or pullback must come. It simply means that’s what is needed if the market wants to create a cleaner setup for swing traders.


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Chart of the Day: Russell 2000 (IWM)

An inside bar is forming so far this morning. So far, so good on the pause/pullback.


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