The market continued to consolidate the recent markup as another light volume day unfolded. (The lightest volume day of the year for the NYSE.) An increase in volume will be needed to take out this range. The Russell showed range expansion to the upside, and all indexes closed near the upper end of their range. FOMC is next week. Good odds we see increase in volume before then though!
Indexes are forming a bullish Buy Anti pattern on the daily charts which is valid as long as Thursday’s low holds. Can look to trade from the long side as long as the Russel continues to show good leadership.
TY – sell short day – test of 20 day highs is possible first
Bunds: 170.98 = U turn pivot
JY – Low TP
BP, HG, KC, NQ, YM – low TP readings as well as multiple NR7s.
CL – pinball sell
S – 894.4 = 20 day high
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