DISCUSSED last evening, but yesterday's stagnant narrow range was a setup for a bull BO day. Longs were entering around 1363 for the range run. The targets were in play and provided to chat members:
[15:53] <CM> upside targets 67.75-70.25-74.5
LAST EVENING
The mid range flag resolved, and PA continued for the LB target. When we have a narrow range day, the BOT levels will often go unchanged. The calculated difference is not significant to change the levels.
EURO ZONE
PA remained strong in the upper range, and had a three push LBBO before returning for a range run. This failure to break beyond 1372.5. While winning trades were available, essentially we come into the US Open within the range. There was a clue however in the SBBO around 9:00 AM EST. Buyers were still strong around 1363. A range run that stalls after the BO is thought to return for a range run, and a range run would clearly give the bulls an opportunity for profit.
THE US MARKET
The range run was strong at the open. The first pull back (1PB) was followed by runs to 3 higher levels. Ranges hit and hit and hit.
Look back to the commentary in the weekly outlook: note the daily BOT range.
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