RANGES TODAY: 1301.75-1300.25-1298.75
There are many opportunities, but two stand out: back -to-back ranges and a tight range day. We had the latter today. The opportunity is in the implied BO for 5-10 runs. Normally, there is a range run play and a BO play, a range reversal play, etc. With the narrow range, the BO is more important.
We had a SBOT BO in the pre-open, but many still play the Rth charts only. Either way, bears were in charge. We had a failed reversal at B4-5 (#1) than ran for the BO-5. Continued bear support is seen at #2 where the bearish TL held. More support: #3 we see additional failure below #2 TL and at the EMA and BO-5 for an additional run to BO-10.
Opportunity in a narrow range day. Not so much the range, but the implied BO.
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