Range Bound

Yesterday was a downtrending day that helped the market continue to muddle sideways. When all was said and done we found support at the short moving average. We have now been range-bound for three weeks between 827 and 876. Friday’s high is now a confirmed fractal and Level 1 PRP high and was the end of the Delta pulse. Today’s price action is likely to be dominated by news: GDP before the market opens and FOMC pronouncements later in the day.

Technically we made a qualified break of the green up sloping Demand Line yesterday at 848.38. The price projection points to 816.34, although we need to see follow through today. A failure to move below 847.12 in today’s session will negate the break. On the upside is the TD Supply line at 869.50 which would also be qualified if broken today.