The current range for the WEEK is 12.50 points (1161.25-1173.75)! We've built acceptance between 1167.75 and 1169.75, and every move above and below that area has been met with Responsive Buying and Responsive Selling. We need a catalyst to drive this market outside of this range, at which point, I would anticipate some Initiative Activity. Tomorrow could be a trend day when price finally pushes to 1150 or 1183...or we could just get more of the same (chop). When everyone gets complacent (comfortable) within the current range, we'll probably get a surprise move that will force one party (either buyers or sellers) to liquidate their positions. As long as we hold above 1163, my bias remains (cautiously) to the upside. Trade well!
Econ Data
Motor Vehicle Sales, Jobless Claims at 7:30 AM (CT), Construction Spending and ISM Mfg Index at 9:00 AM (CT), EIA Natural Gas Report at 9:30 AM (CT).
ES - Daily Chart with Volume Profile and Key Levels
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