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Don’t look now but the market is back near the middle of the trading range it started two months ago. Tough to trade cycles because the dominant cycle looks like a day and a half. Tough to trade spport and resistance because the range edges keep shifting. Then after the late pullback yesterday, they went sideways overnight.
It’s tough to guess the next move from here. The operant parameters of the overnight range on the ES 24 hour futures are 5962 to 5989. A breakout either way could lead to a little move.
The next resistance area is around 6015, and the next spport area would be around 5945-50 this afternoon. With the hourly oscillators around the zero line, anything that starts from here could surprise. So if we get to a test of the outer limits either way, there would be a good chance of a move to the outer limits of the 2 month range.
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