All posts by BonTrade

On Tuesday, the narrow range around 2150 expanded somewhat and the daily range was quite wide between 2160.75 and 2121.75. On the 13th, it appeared that a temporary bottom at 2107.75 had been established and when it traded to 2143.25 the next day it appeared the bull market could still be alive for the 2170 area. But 2100 is close below again, and the big election is coming, so uncertainty remains the main factor. Going into Monday and the coming week, it is hovering right in between the 2100 and 2150 level. It seems the expanded,but still narrow range may continue for immediate future.

For the past week, the range was somewhat narrow between 2132-2168. Breakouts were attempted at the 2170 level but failed. We’re still narrowly favoring a continuation of the bull run to the 2180 level and then possibly 2200. But the PA suggests it is very tentative for a bigger rally. For the week we will be watching the PA closely around the important 2150 level and looking for a possible break over 2170. Monday AM we have small PB developing for the open after the late day drop to the 2156-2158 level on Friday.