Thursday, July 26, 2012

Narrow range so far

Narrow range today, only 5 points despite a big gap up

If we take out the lows, a move to 1347 will be a 10 point range on the session.

Why is 10 points important? On a choppy day, a 10 point range is about average and is a good rule of thumb for a first target on a range.  Of course, nothing is saying we have to stay choppy OR take out the lows.

On the high side, the 10 point range completes at 1362


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