Dip in Dip Out

Despite Apple surging today after earnings and the Fed not coming out wildly hawkish, bulls appear to be a bit sluggish and unfocused as several post-FOMC rally attempts stalled at the 2,660 area on the S&P 500 cash index. 

As we navigate this final hour, you can be sure bears are trying to press below 2,640 for an ugly close.

Otherwise, I expect more of the same, meaning both sides are rather frustrated with a lack of a trending market while we work through a range. The best strategy for swing traders, indeed, seems to be to dip in and out of trades without much commitment. 

In the meantime, we are still refining our list of relieve standouts to keep closely on watch in case the market does improve in the face of the "sell in May and go away" crowd. 

One fresh example is a name we looked at previously, coming off an impressive earnings report. 

Red Rock Resorts Inc., owner of the shiny Red Rock Casino, Resort & Spa in Summerlin, about twenty minutes off the Las Vegas Strip, is sporting an even more enticing weekly chart, updated below.

Clearly, $35 is the next major nut to crack above for a sustained breakout. However, this is an under-watched gaming with tons of upside potential for growth, and the post-IPO base breakout is very much still in effect for bull run on long-term timeframes. 

I am stalking any pauses or dips in the coming days, subject to the broad market action as always.