This daily chart for the S&P 500 Index futures appears to be showing signs of settling in to a range trading phase. Day trading will be the order of the day until a new break-out occurs. There appears to be fairly strong support at the 1200 level for the S&P 500 also. Treasuries also appear to be consolidating into a tight range. It's possible that this sideways trading may be in anticipation of GDP and payroll announcements later this week. Perhaps one of them will stimulate a larger break-out.Tuesday, July 29, 2008
Condolidating and Indecisive
This daily chart for the S&P 500 Index futures appears to be showing signs of settling in to a range trading phase. Day trading will be the order of the day until a new break-out occurs. There appears to be fairly strong support at the 1200 level for the S&P 500 also. Treasuries also appear to be consolidating into a tight range. It's possible that this sideways trading may be in anticipation of GDP and payroll announcements later this week. Perhaps one of them will stimulate a larger break-out.
