Today the trading range got a little bit tighter. The December contract for the S&P 500 Emini futures once again failed to close above 1144 or below 1136. The 1144 is last Friday's settlement price. A close above 1144 opens the door for the market to trade higher to the 1151/1152 Weekly Trading Zone. The market did trade above 1144 briefly on the Globex session Sunday night. Since then we have seen no less than 4 failed break out attempts. On the downside, price was able to briefly breach the 1136 early Tuesday until the Consumer Confidence numbers were released. Consumers it turns out, were (surprise, surprise) less confident than expected. What? Really? So what happened next? The market rallied Up18 points on the news. Yep! Rallied.
We are all now official citizens of Bizarro World. Where up is down and down is up... If you've never seen the Bizarro episode of Seinfeld - Click Here
Tomorrow we get Unemployment Claims, Final GDP, and two (2) speeches from Bernanke. I'm going to go way out on a limb here and suggest one of these high impact events will potentially wake this slumbering market.
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Here is the video we shared during today's broadcast. This years mission trip to our orphanages in Uganda and Kenya. Tip o' the hat to my niece Margaret for a great editing job.
Weekly Trading Zones / Daily Review